Riyadh – Mubasher: Saudi energy company ACWA Power on Thursday signed an agreement with Azerbaijan’s energy ministry for the development, building, and operation of a 240-megawatt wind power project.
The project’s power purchase agreement spans over a period of 20 years on a build-own-operate (BOO) basis, according to a company statement.
“We are pleased to sign this implementation agreement with the Government of Azerbaijan, which expands our geographic footprint of operations into this culturally rich and economically vibrant country straddling Europe and Asia,” ACWA Power’s CEO Paddy Padmanathan stated.
In March 2019, ACWA Power signed a memorandum of understanding determining the basic principles of cooperation in the field of investments in renewable energy sources in Azerbaijan.
“We continue our legacy and commitment to offering energy at a competitive cost to enable our partners to diversify the energy mix, maximise the deployment of renewable energy, and reduce the carbon footprint to achieve the desired socio-economic development goals,” ACWA Power’s chief investment officer Rajit Nanda commented.
