ACWA Power signs PPA and other deals for 240-MW Azeri wind project

Saudi Arabia's ACWA Power said today it has inked key deals for the implementation of a 240-MW wind project in the Republic of Azerbaijan.

The investor has signed the official investment agreement with the local government along with the power purchase agreement (PPA) and transmission connection deal with national electric power company Azerenerji OJSC. These follow the signing of an implementation agreement with the energy ministry in January 2020.

The USD-300-million (EUR 244.7m) wind park 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.

"Concerning the importance of this project for Azerbaijan, I would like to stress that 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,” stated energy minister Parviz Shahbazov.

(USD 1.0 = EUR 0.816)

Choose your newsletter by Renewables Now. Join for free!