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The Azerbaijani Ministry of Vitality and ACWA Energy held a groundbreaking ceremony for the 240 MW wind energy plant with an funding worth of SAR 1.125 billion (USD 300 million), following the signing of energy buy, funding, and switch agreements based on an impartial energy era challenge mannequin. The challenge represents the primary and largest overseas funding made in Azerbaijan’s renewable power sector to this point and contributes to the nation’s goal to generate 30 % of its power via renewables. By This autumn 2023, the challenge will contribute an estimated 3.7 % of power to Azerbaijan’s complete nationwide grid capability, powering 300,000 households whereas offsetting 400,000 tonnes of emissions.
The ceremony was attended by His Excellency President Ilham Aliyev, President of the Republic of Azerbaijan, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Vitality of Saudi Arabia, His Excellency Parviz Shahbazov, Minister of Vitality of the Republic of Azerbaijan, Balababa Rzayev, President of ‘Azerishiq OJSC’ and Mohammad Abunayyan, Chairman of ACWA Energy, together with senior executives.
“The wind challenge displays the strategic partnership between the Kingdom of Saudi Arabia and the Republic of Azerbaijan in varied fields, particularly the power sector. Along with the 2 international locations’ long-term diplomatic and financial relations, cooperation between them has been strengthened lately as Azerbaijan turned a member of OPEC+, affirming the depth of the connection particularly in mild of the (Covid-19) pandemic the place Azerbaijan, together with the opposite members within the settlement, performed a significant function in reinforcing the soundness and stability of world oil markets amid the disaster,” His Royal Highness Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Vitality, stated.
His Highness added that the challenge, whose agreements had been signed on the finish of 2020, is a constructing block within the international locations’ bilateral relations, and displays the dedication of KSA and Azerbaijan to reinforce the utilisation of quite a few power fields, particularly renewable power. His Highness expressed his confidence in ACWA Energy’s capability, one of many world’s main firms within the clear power discipline, to fortify the cooperation between the Kingdom and Azerbaijan, and assist the Azerbaijani authorities’s efforts to fulfill its nationwide energy wants on the highest world requirements and aggressive prices.
“We’re happy to see that non-public firms from outdoors Azerbaijan put money into our nation. These investments leverage world experience by sharing worldwide greatest apply, assist human capital growth and allow data switch into the nation. The combination of native suppliers and subcontractors within the growth of this outstanding challenge will elevate nationwide competency in inexperienced initiatives and equip our workforce with the experience wanted to compete with worldwide gamers. ACWA Energy can be dedicated to the adoption of excessive requirements for well being, security, safety, and surroundings, which leads to optimised worth creation at each step of the enterprise cycle,” Parviz Shahbazov, Minister of Vitality of the Republic of Azerbaijan, talked about.
As a part of ACWA Energy’s dedication to ship socio-economic worth to communities it operates in, the corporate devised a strong coaching programme devoted to boosting data switch and arming native expertise with the skillset wanted to drive future clear power initiatives in Azerbaijan. The challenge will localise using skills and utilise native contractors that adhere to world-class well being and security requirements.
“Floor-breaking on the primary and largest overseas funding in Azerbaijan’s renewable energy sector is certainly one of our most noteworthy accomplishments and a testomony that we have now succeeded regardless of the challenges imposed by the pandemic globally. At this time’s momentous event confirms ACWA Energy’s capability to switch its management to world markets which can be witnessing excessive development because of their operational excellence and technical experience. We’re assured that our partnerships with respected worldwide traders on this pioneering challenge will guarantee its implementation at an accelerated tempo. I wish to take this chance to precise my honest appreciation to the Ministry of Vitality in Azerbaijan for its confidence in ACWA Energy’s capabilities to implement this challenge, which can pave the way in which for reaching the formidable plan of the Azerbaijani authorities to scale back carbon footprint by 2030,” Mohammad Abunayyan, ACWA Energy Chairman, outlined.
“Past the challenge’s function in supporting the Azerbaijani authorities’s efforts to boost the share of renewable power within the power combine, we purpose to additional generate long-term worth for the nation by creating native content material and expertise via buying the talents and capabilities mandatory to attain the imaginative and prescient and aims of the Azerbaijani authorities within the renewable power sector,” he added.
The wind challenge is a crucial step in Azerbaijan’s power diversification plans and can assist meet the rising energy demand within the nation because it continues to put money into financial development and sustainable growth.
On the ground-breaking ceremony, ACWA Energy additionally signed an MoU for an offshore wind challenge with the Ministry of Vitality, highlighting its ongoing strategic partnership and dedication to creating the power sector in Azerbaijan.
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