Azerbaijan’s Ministry of Energy signed a series of agreements with the country’s largest electrical power producer Azerenergy and Saudi Arabia investor group ACWA Power to build a 240-megawatt (MW) wind power plant.
As recalled by the Minister of Energy Parviz Shahbazov, the President of Azerbaijan Ilham Aliyev has indicated the expansion of renewable energy in the country as a priority and has set an ambitious target to increase its share in the total installed capacity to 30 per cent by 2030.
“The signing of agreements and implementation of the project is an indication of the confidence in the business climate in Azerbaijan and will mark the next stage of economic cooperation between our countries,” said Minister Shahbazov. “Concerning the importance of this project for Azerbaijan, I would like to stress that in addition to being the first-ever foreign investment based IPP, the wind power station annually will help to generate 1 billion KWh [kilowatts-hour] of electricity, free up to 220 million cubic metres of gas, prevent 400,000 tons of carbon (CO2) emissions, create new jobs and new production and service areas.”
Saudi Arabia’s Energy Minister Prince Abdulaziz Bin Salman Al-Saud highly appreciated Azerbaijan’s role in stabilising the global oil market under the OPEC+ initiative. The agreements signed on the wind power plant were described as an example of a course to diversify the economy of both countries.
“This project is important not only for our countries but also for the world,” he said. “The global energy sector faces challenges. To achieve sustainable development, all energy resources must be used. The project we have signed today will not only help achieve this goal but will also strengthen the relations between Saudi Arabia and Azerbaijan. As Saudi Arabia, we are pleased to participate in Azerbaijan’s energy diversification policy. The 240 MW project will contribute to Azerbaijan’s energy diversification and progress in the field of renewable energy.”
Indeed, the implementation of the project will stimulate the development of Azerbaijan’s national economy, play a special role in ensuring energy stability of the country, allow to save its natural resources and also have a positive impact on the environment.