- ACWA Power will install the first and largest foreign investment in Azerbaijan renewable energy sector.
- The wind farm will help the country’s renewable energy target.
Saudi Arabian energy company ACWA Power and the Azerbaijani Ministry of Energy have held a leading-edge ceremony for a 240MW wind power plant in Azerbaijan. The wind facility is expected to help Azerbaijan meet its goal to generate 30 per cent of its power through renewable energy sources.
The project involves a $300 million investment and is the first and largest foreign investment made in the country’s renewable energy sector. “Ground-breaking 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 worldwide,” ACWA Chairman Mohammed Abunayyan said.
By the fourth quarter of 2023, the wind plant is expected to have the capacity to supply around 3.7 per cent of the electricity in Azerbaijan’s grid capacity, powering 300,000 households and offsetting 400,000t of carbon emissions.