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Acwa Power to develop green energy projects in Azerbaijan

Worker, Person, Solar Panels Creative Commons/Mark Mühlhaus/attenzione
The company has signed key implementation pacts with the energy ministry for development of renewable projects

Saudi-listed Acwa Power has finalised four separate agreements to develop new renewable energy projects in Azerbaijan. 

The company has signed key implementation deals with the Ministry of Energy and a cooperation agreement with the State Oil Company of Azerbaijan Republic (Socar), it said in a statement.

Acwa Power’s new MoU with Azerbaijan’s Ministry of Energy involves developing a battery energy storage system, together with implementing agreements for 1 GW and 1.5 GW of onshore and offshore wind, respectively. 

Parviz Shahbazov, Azerbaijan’s minister of energy, said: “These projects are further contributions to the implementation of the state policy, which stipulates the development of Azerbaijan as a country of ‘green growth’ and supplier of green energy.”

He stated that collaboration with Acwa Power is key to reducing carbon emissions, accelerating the energy transition, as well as ensuring new capacities for the planned green energy corridor from the Caspian to Europe.

Acwa Power is currently implementing a SAR1.1 billion ($290 million) 240 MW wind farm project in Azerbaijan, which is expected to produce around one billion kilowatt-hours of electricity annually. The plant will save about 220 million cubic metres of natural gas and reduce carbon emissions by more than 400,000 tonnes per year upon completion. 

Acwa Power entered the Azerbaijan market in 2019 and continues to expand its geographic footprint in the country.