- The agreement represent Azerbaijan’s largest commitment to renewable energy development.
- Saudi Arabian energy company ACWA will execute the project development of wind plants in Azerbaijan.
- It is expected that the wind plants will produce about 1billion kWh of electricity annually.
The Kingdom of Saudi Arabia and Azerbaijan have reached agreements to develop clean energy projects worth $300 million in the eastern European nation. In collaboration with local companies, Saudi Arabia’s ACWA Power will develop Azerbaijan’s first wind power plant over three deals. The projects will be sited in the Absheron and Khizi regions of the country. It is expected that they will generate about 1 billion kWh of electricity yearly and reduce carbon emissions by about 400 million tons annually.
ACWA, which is 50 per cent owned by the Public Investment Fund, is one of the main agencies for the Kingdom’s initiatives in domestic and global renewable energy, and high-tech water desalination processes.
ACWA chairman, Mohammed Abunayyan, stated that the agreements serve as a “milestone and a strong step on the road toward the full realization of the potential renewable energy in Azerbaijan.”
According to the Azerbaijani Energy Minister, Parviz Shahbazov, the deals serve as an “indication of confidence in the business climate in Azerbaijan, and will represent the next stage of economic cooperation between our two countries.”