This is the first and largest foreign investment in Azerbaijan’s renewable power sector
The Azerbaijani Ministry of Energy and ACWA Power held a groundbreaking ceremony for the 240 MW wind power plant with an investment value of SAR 1.125bn (US$ 300mn), following the signing of power purchase, investment and transfer agreements according to an independent power generation project model.
As part of ACWA Power’s commitment to deliver socio-economic value to communities it operates in, the company devised a robust training programme dedicated to boosting knowledge transfer and arming local talent with the skill-sets needed to drive future clean energy projects in Azerbaijan. The project will localise the use of talents and utilise local contractors that adhere to world-class health and safety standards.
“The project agreements are building blocks in the countries’ bilateral relations, and reflect the commitment of KSA and Azerbaijan to enhance the utilisation of numerous energy fields, especially renewable energy,” affirmed HRH Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy.
“As part of ACWA Power’s commitment to deliver socio-economic value to communities it operates in, the company devised a robust training programme dedicated to boosting knowledge transfer and arming local talent with the skill-sets needed to drive future clean energy projects in Azerbaijan,” commented Parviz Shahbazov, Minister of Energy, Republic of Azerbaijan. “We are confident that our partnerships with reputable international investors in this pioneering project will ensure its implementation at an accelerated pace,” remarked Mohammad Abunayyan, Chairman, ACWA Power.
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