Azerbaijani Energy Ministry, ACWA Power company sign agreement on wind farm project

29 December 2020 17:18 (UTC+04:00)

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The signing ceremony of the "Investment Agreement", "Energy Purchase and Sale Agreement" and "Agreement on Connection to the Transmission Grid" on the 240 MW wind farm project was held between the Azerbaijani Ministry of Energy and Saudi Arabia’s Acwa Power company, as well as between Acwa Power company and Azerbaijan’s Azerenergy OJSC, Trend reports.

The use of renewable energy sources was determined by the president as one of the priority spheres for the development of the energy sector.

Thus, special attention is paid to the implementation of pilot projects on the construction of a wind farm with a capacity of 240 megawatts and a solar power plant with a capacity of 200 megawatts in accordance with agreements signed with ACWA Power company and UAE’s Masdar company on January 9, 2020.

Seven working groups, consisting of representatives of the Ministry of Energy, Ministry of Economy, Ministry of Finance, Ministry of Emergency Situations, Ministry of Ecology and Natural Resources, Ministry of Justice, as well as the Committee on Urban Planning and Architecture, the State Service on Property Affairs, the State Tax Service, Central Bank of Azerbaijan, Azerenergy OJSC and Azerishig OJSC operate to fulfill the relevant order of the Azerbaijani president.

Presently, Azerbaijan is taking consistent steps to develop alternative energy. For this purpose, the negotiations are underway with foreign companies and investors, including companies from China, the UAE, the US, and the EU.

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