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09 January 2020
INVESTMENT

ACWA Power expands operations into Azerbaijan

The 240 MW project is expected to bolster Azerbaijan’s energy diversification efforts by leveraging the country’s renewable energy resources and strengthen energy security.

The MoU for the wind project was signed in March 2019/ACWA Power

by Kudakwashe Muzoriwa

Saudi-based ACWA Power has signed a 20 years power purchase agreement (PPA) with the Ministry of Energy of Azerbaijan to develop, build and operate a 240 MW wind power project.

Paddy Padmanathan, the Chief Executive Officer of ACWA Power, said, “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 entry into the Azerbaijani market confirms our strong belief in the development of public private partnerships in the country’s power sector,” said Rajit Nanda, the Chief Investment Officer of ACWA Power.


RELATED STORIES: ACWA Power PPA Azerbaijan


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