Monday, May 16 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of May 09
Week of May 02
Week of Apr 25
Week of Apr 18
Week of Apr 11
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Saudi’s ACWA Power breaks ground on $300m wind farm in Azerbaijan


    January 24, 2022 - Andrew Sambidge

     

      Saudi-based ACWA Power and the Azerbaijani Ministry of Energy have held a ground breaking ceremony for a 240MW wind power plant, representing an investment of SR1.1 billion ($300 million).

      The ceremony follows the signing of power purchase, investment and transfer agreements according to an independent power generation project model.

      The project represents the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date.

      ACWA Power said it will contribute to the country’s target to generate 30 percent of its energy through renewables. By Q4 2023, the project will contribute an estimated 3.7 percent of energy to Azerbaijan’s total national grid capacity, powering 300,000 households while offsetting 400,000 tonnes of emissions.

      Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy, said that the wind project reflects the strategic partnership between Saudi Arabia and the Republic of Azerbaijan in various fields, especially the energy sector.

      He added that the project is a “building block” in the countries’ bilateral relations, and reflects the commitment of both to enhance the utilisation of numerous energy fields, especially renewable energy.

      Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, said: “We are pleased to see that private companies from outside Azerbaijan invest in our country. These investments leverage global expertise by sharing international best practice, support human capital development and enable knowledge transfer into the country.

      “The integration of local suppliers and subcontractors in the development of this remarkable project will elevate national competency in green projects and equip our workforce with the expertise needed to compete with international players.”

      Mohammad Abunayyan, chairman of ACWA Power, said: “Ground breaking on the first and largest foreign investment in Azerbaijan’s renewable power sector is one of our most noteworthy accomplishments and a testament that we have succeeded despite the challenges imposed by the pandemic globally.

      “We are confident that our partnerships with reputable international investors in this pioneering project will ensure its implementation at an accelerated pace.”

      ACWA Power employs about 3,500 people and is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia.

      ACWA Power’s portfolio includes 66 assets with an investment value of SR252 billion, producing 42.8GW of power and 6.4 million cubic metres per day of desalinated water.

      For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.