ACWA Power signs PPA for 240 MW onshore wind farm in Azerbaijan
Following the signing of the implementation agreement for the US$300 million Independent Power Project in January 2020, ACWA Power executed the official agreements for the 240 MW wind power project that will be located in the Absheron and Khizi region in Azerbaijan.
Key agreements signed by ACWA Power included the signing of the Investment Agreement with the Government of the Republic of Azerbaijan, represented by the Ministry of Energy. ACWA Power also signed the Power Purchase Agreement and Transmission Connection Agreement with “Azerenerji” OJSC, the national electrical power company and off-taker for the project.
With its excellent wind resources, Azerbaijan’s move towards effectively harnessing wind as a sustainable energy source is being fast tracked by key public private partnerships. The plant will contribute to reach Azerbaijan’s target of 30% of renewable energy capacity by 2030.
Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, said: "In addition to being first ever foreign investment based IPP, the wind power station annually will help to generate 1 billion KWh electricity, saving up to 220 million cubic meters of gas, cutting down on 400,000 tons of emissions annually, create new jobs and new production and service areas".
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