Saudi ACWA Power starts works on $300mln Azerbaijan wind project

The independent power producer (IPP) wind project will be developed under a build, own, operate (BOO) model

  
Image used for illustrative purpose. Wind turbines spin at a windpark on October 17, 2012 near Neubrandenburg, Germany. Germany's electricity network operators recently announced that they will raise the charge to consumers for subsidizing renewable energy investments by 50%.

Image used for illustrative purpose. Wind turbines spin at a windpark on October 17, 2012 near Neubrandenburg, Germany. Germany's electricity network operators recently announced that they will raise the charge to consumers for subsidizing renewable energy investments by 50%.

Getty Images/Sean Gallup

Saudi Arabia’s ACWA Power began construction works on a 240MW wind energy project in Azerbaijan with an investment value of 1.125 billion riyals ($300 million)

This follows the signing of a power purchase agreement (PPA) and investment agreements the wind power project, which is located in the Absheron and Khizi regions of Azerbaijan, a statement said.

The Saudi utility developer signed initial implementation agreements with Azerbaijan’s Ministry of Energy in January 2020. The independent power producer (IPP) wind project will be developed under a build, own, operate (BOO) model.

The project is expected to help Azerbaijan meet its target for renewable energy by supplying 30 percent of the country’s energy requirements by 2030.

ACWA Power is a big investor in other central Asian states such as Uzbekistan, where it is developing multi-billion-dollar power projects. In December 2021 its unit signed PPAs worth $108 million wind farms in Uzbekistan.

(Reporting by Brinda Darasha; editing by Seban Scaria) 

brinda.darasha@lseg.com

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