President Aliyev ratifies agreement between ACWA Power, Interbank of Azerbaijan

President Ilham Aliyev has officially approved a direct investment agreement involving the Government of Azerbaijan, ACWA Power Azerbaijan Renewable Energy Limited Liability Company, and the International Bank of Azerbaijan Open Joint Stock Company.

The agreement, initially signed on July 26, outlines plans for a pilot project to construct a wind farm with a capacity of 240 MW in Azerbaijan, Caliber.Az reports.

This initiative marks a significant step in the country’s efforts to diversify its energy portfolio and increase the share of renewable energy in its electricity generation.

The collaboration with ACWA Power, a leading renewable energy developer, is expected to bolster Azerbaijan's commitment to sustainable energy solutions and contribute to the nation's economic development. The wind farm project aims to enhance energy security and promote environmental sustainability in the region.

The Ministry of Energy of Azerbaijan and ACWA Power of Saudi Arabia signed an Implementation Agreement on January 9, 2020.

Under the agreement, a pilot project is to be implemented for the construction of a wind power plant with a capacity of 240 MW by ACWA Power.

In this regard, on December 30, 2020, Investment agreement, Power Purchase agreement and Transmission Connection agreement were signed on 240 MW wind power plant between the Ministry of Energy, Azerenergy OJSC and ACWA Power of Saudi Arabia. The project with a total installed capacity of 240 MW will be implemented in Sitalchay village of Khizi district and Pirikushkul village of Absheron district.

ACWA Power is a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide.