ACWA Power has executed the official agreements for the 240 MW wind power project that will be located in the Absheron and Khizi regions for the $300 million Independent Power Project.
The virtual signing ceremony was attended by His Royal Highness Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy, His Excellency Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, Balababa Rzayev, President of “Azerenerji” OJSC, and Mohammad Abunayyan, Chairman of ACWA Power.
“The Kingdom of Saudi Arabia and Azerbaijan enjoy long-term diplomatic and economic relations, and cooperation between the two countries has been strengthened recently through their participation in OPEC+. Azerbaijan, along with other member countries played an important role in promoting stability in global oil markets. We appreciate Azerbaijan’s efforts to fulfill its obligations under the Declaration of Cooperation, and the high level of compliance it has achieved, “Said H.R.H. Prince Abdulaziz Bin Salman Al Saud, Saudi Minister of Energy.
“The signing of Agreements and implementation of the Project is an indication of the confidence in the business climate in Azerbaijan and will mark the next stage of economic cooperation between our countries. I am confident that after “ACWA Power” other companies from Saudi Arabia will follow suit and will invest in Azerbaijan. Concerning the importance of this project for Azerbaijan, I would like to stress that in addition to being the first-ever foreign investment based IPP, the wind power station 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,” Said Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan
Key agreements signed by ACWA Power, a leading Saudi developer, investor and operator of power generation and water desalination plants in high growth markets, included the signing of the Investment Agreement with the Government of the Republic of Azerbaijan, represented by the Ministry of Energy.
ACWA Power also signed the Power Purchase Agreement and Transmission Connection Agreement with “Azerenerji” OJSC, the national electrical power company and off-taker for the project.
ACWA Power remains focused on extending its leadership in high-growth markets through operational excellence and technological expertise, delivering power and desalinated water reliably and responsibly to communities across the globe.