Saudi Arabia developer ACWA Power has signed three agreements for the first foreign investment based independent wind power project in Azerbaijan.
A virtual signing ceremony was held to execute the official power purchase, investment and transmission connection agreements for the $300m project.
Key agreements signed by ACWA Power included the signing of an investment agreement with the Government of the Republic of Azerbaijan.
The Saudi developer also signed PPA and transmission connection agreement with “Azerenerji” OJSC, the national electrical power company and off-taker for the project.
It is hoped that the 240MW wind project located in the Absheron and Khizi regions will pave the way for sustainable development in Azerbaijan’s energy sector.