ACWA Power has started the construction of a 240MW wind energy project in Azerbaijan in order to expand its renewables business and the country’s clean capacity for decarbonisation and energy security.
The SAR 1.25 billion ($300 million) project marks Azerbaijan’s first and largest foreign investment within the renewable energy segment.
Once operational in the fourth quarter of 2023, the project will produce an estimated 3.7% of Azerbaijan’s total electricity on the national grid, enough to power 300,000 households and avoid the emissions of 400,000 tonnes of carbon.
The project is a step in the right direction for Azerbaijan in achieving its goal to produce 30% of electricity from renewables.
The construction started following the signing of investment and power purchase agreements and is an example of collaboration between Saudi Arabia and Azerbaijan to drive energy security in light of growing demand.
Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy said: “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.
