Saudi Arabia’s ACWA Power breaks ground on first and largest wind project in Azerbaijan

ACWA Power

- Advertisement -

The Azerbaijani Ministry of Energy and ACWA Power held a groundbreaking ceremony on January 14 for the 240 MW wind power plant with an investment value of $300 million, following the signing of power purchase, investment and transfer agreements according to an independent power generation project model, ACWA Power said.

Saudi Energy Minister Abdulaziz bin Salman al-Saud, ACWA Power Chairman Mohammad Abunayyan, Azerbaijan’s President Ilham Aliyev, Azerbaijan’s Energy Minister Parviz Shahbazov, Azerishiq OJSC President Balababa Rzayev attended the event.

According to ACWA Power, the project represents the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date and contributes to the country’s target to generate 30% of its energy through renewables. By the fourth quarter of 2023, the project will contribute an estimated 3.7% of energy to Azerbaijan’s total national grid capacity, powering 300,000 households while offsetting 400,000 tonnes of emissions.

“The wind project reflects the strategic partnership between the Kingdom of Saudi Arabia and the Republic of Azerbaijan in various fields, especially the energy sector,” Al Saud said. “In addition to the two countries’ long-term diplomatic and economic relations, cooperation between them has been strengthened in recent years as Azerbaijan became a member of OPEC+, affirming the depth of the relationship especially in light of the (Covid-19) pandemic where Azerbaijan, along with the other participants in the agreement, played a vital role in reinforcing the stability and balance of global oil markets amid the crisis,” the Saudi Energy Minister added.

He added that the project, whose agreements were signed at the end of 2020, is a building block in the countries’ bilateral relations, and reflects the commitment of KSA and Azerbaijan to enhance the utilisation of numerous energy fields, especially renewable energy. His Highness expressed his confidence in ACWA Power’s ability, one of the world’s leading companies in the clean energy field, to fortify the cooperation between the Kingdom and Azerbaijan, and support the Azerbaijani government’s efforts to meet its national power needs at the highest global standards and competitive costs.

His Azeri counterpart, Shahbazov, said these investments leverage global expertise by sharing international best practice, support human capital development and enable knowledge transfer into Azerbaijan. “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,” he said, adding, “ACWA Power is also committed to the adoption of high standards for health, safety, security and environment, which results in optimised value creation at every step of the business cycle”.

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

Kazakhstan accelerates digital transformation with new visa options

Upgrading its visa regime for skilled foreign workers and...

A Code of Conduct for the HR Outsourcing sector

The quote - often attributed to Deng Xiaoping -...

T is for tariffs

If the quick freeze and attempted shut down of...

EU officially implements landmark AI law

The EU officially implemented its new landmark AI law...

Don't miss

Kazakhstan accelerates digital transformation with new visa options

Upgrading its visa regime for skilled foreign workers and...

A Code of Conduct for the HR Outsourcing sector

The quote - often attributed to Deng Xiaoping -...

T is for tariffs

If the quick freeze and attempted shut down of...

EU officially implements landmark AI law

The EU officially implemented its new landmark AI law...

Trump administration unleashes first sanctions on Iranian shadow fleet

On February 6, the Department of the Treasury unleashed...

Donald Trump is inaugurated amidst promises of security, stability and prosperity

After storming a frigid Washington D.C. during his extended inauguration festivities on January 20, Donald J Trump, America’s 47th and 45th President, launched a...

Undeclared “open season” on energy infrastructure in Europe

Russia is claiming it has shot down nine Ukrainian drones that tried to attack the TurkStream pipeline, which carries Russian gas to Europe through...

NATO and EU strengthen Baltic Sea infrastructure protection after Estlink2 undersea power cable damaged

The damage of an undersea power cable off the coast of Finland in the Baltic Sea is the latest in a series of suspected...

After Baku, Belem COP to strengthen Paris Agreement

After the controversial agreement at COP29 in Baku, NE Global sat down with Professor Gregg Walker, a COP veteran, for a close analysis of...

EU searches for alternatives before Russian gas to Europe via Ukraine stops

The Ukrainian government has repeatedly stated that it will not extend a transit agreement, which has provided political, commercial, technical and legal grounds for...

OPEC+ postpones plans to increase production over supply unease

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC+, decided on December 5 to delay its planned...

Facing mounting challenges, new EU Commission takes office

Amidst global geopolitical turmoil, the European Commission of Ursula von der Leyen officially took office on December 1 with the President pledging that over...

COP29: Multilateral diplomatic stalemate circumvented

COP29 in Baku ended in the early hours of November 24, reaching a compromise deal on finance that will advance the global climate agenda...