Saudi Arabian energy company ACWA Power has broken ground on a 240MW wind power project in Azerbaijan.
The company stated that the latest move follows the signing of investment, transfer, and power purchase agreements for the wind power project, which involves an investment of $300m (SAR1.125bn).
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The wind farm will contribute to Azerbaijan’s aim of generating 30% of its power through renewables by 2030.
It is estimated to contribute around 3.7% of energy to the country’s total national grid capacity.
To date, the wind power project represents the first and largest foreign investment made in the renewable energy sector of the country.
Upon completion, the project is expected to generate enough electricity to meet the power consumption of about 300,000 homes, while offsetting 400,000t of carbon emissions.
ACWA Power chairman Mohammad Abunayyan said: “Groundbreaking 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.
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By GlobalData“The momentous occasion confirms ACWA Power’s ability to transfer its leadership to global markets that are witnessing high growth as a result of their operational excellence and technical expertise.
“We are confident that our partnerships with reputable international investors in this pioneering project will ensure its implementation at an accelerated pace.”
Additionally, the company has signed a memorandum of understanding (MoU) with the Azerbaijan government for an offshore wind power project at the ground-breaking ceremony.
In April last year, the ACWA Power and Water and Electricity Holding Company consortium awarded a turnkey engineering, procurement and construction (EPC) contract to Larsen & Toubro (L&T) for the 1.5GW Sudair Solar Energy Project in Saudi Arabia.
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Ground-breaking ceremony of 240MW wind power project in Azerbaijan. Credit: ACWA POWER.
