Azeri President Lays Foundation Stone for Wind Energy Generating Project

In the presence of Prince-minister of Energy Abdulaziz bin Salman bin Abdulaziz, Azeri President Ilham Aliyev laid the founding stone for a wind power plant project, with a capacity of 240 MW, with an investment value of SR1,125 billion ($300 million), to be carried out by ACWA Power company.

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

Celebrating the project, which is the first and largest of its kind, with foreign investment in the energy sector, in Azerbaijan, was attended also by Azeri Minister of Energy Parviz Shahbazov, President of Azernergy OJSC Balababa Rzayev, and Chairman of ACWA Power Muhammed Abunayyan, and other several senior officials.

It is set to contribute to achieving the goals of Azerbaijan by generating 30% of energy from renewable energy sources, by the Q4, 2023.

In addition, it will contribute about 3.7% of the total capacity of the electric power grid, in Azerbaijan, by feeding as much as 300,000 housing units with electric power and reducing 400,000 tons of carbon emissions, annually.

On the occasion, Prince-minister of Energy Abdulaziz bin Salman stressed that this project reflects the partnership between the the Republic of Azerbaijan, in various fields, foremost of which is the energy sector, noting that in addition to the two countries well-established ties, the long-term cooperation between them has been enhanced, in recent years by the accession of Azerbaijan to the (OPEC +) agreement alliance, which confirmed the depth of the relationship and understanding between the two countries, especially in light of the pandemic, where Azerbaijan rose side by side with the other participants, in the agreement, to play a significant role in enhancing the stability and balance of global oil markets, notably, during the crisis.

Such a project, whose agreements were signed, at the end of 2020, turned into a tangible reality to be a building block in the course of bilateral relations, reflecting the commitment of the two countries to developing their use of various energy fields, especially the field of renewable energy, expressing confidence in the ability of ACWA Power, considered among the world’s leading companies in this field, in promoting and expanding the horizons of cooperation between the Kingdom and the friendly Azerbaijan, and supporting the efforts of the Azerbaijani government aimed at meeting its national needs for electric energy, with high global standards and a feasible economic cost.