The Azerbaijani Ministry of Energy and ACWA Power have held a groundbreaking ceremony for a 240MW wind farm in Azerbaijan.
The project will have an investment of SAR1.125bn (€262m) following the signing of power purchase, investment and transfer agreements.
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It represents the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date and contributes to the country’s target to generate 30% of its energy through renewables, ACWA Power said.
The wind farm is expected online by the fourth quarter of 2023 and will contribute an estimated 3.7% of energy to Azerbaijan’s total national grid capacity.