ACWA Power breaks ground on 240-MW Azeri wind park, eyes offshore

Saudi Arabia's ACWA Power (TADAWUL:2082) has launched the construction of a 240-MW wind farm in Azerbaijan and is seeking to take part in the country’s offshore wind development.

Officially known as Saudi Arabia’s International Company for Water and Power Projects, the company has sealed a Memorandum of Understanding (MoU) with the government of Azerbaijan regarding its plans to expand in the offshore wind sector. The Azeri Ministry of Energy said on Thursday that the pact aims to assess the potential and provide conditions for implementing renewable energy projects.

The MoU was inked during the groundbreaking ceremony of ACWA Power’s Khizi-Absheron wind park. The USD-300-million (EUR 261.6m) power plant will be built at a site in the Absheron and Khizi regions. Upon completion, it will supply enough electricity to meet the consumption of about 300,000 homes.

The wind farm has in place a power purchase agreement (PPA) and transmission connection deal with national electric power company Azerenerji OJSC. According to Trend News Agency, construction works are expected to take around 18 months.

Globally, ACWA Power has 42.8 GW of installed power generation capacity, of which 14.9 GW is renewable.

(USD 1.0 = EUR 0.872)

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