Azerbaijan government in an agreement with Acwa Power Azerbaijan Renewable Energy LLC and the International Bank of Azerbaijan have approved the direct investment agreement to build a 240-megawatt wind power facility.
The decree signed last week permitted the agreement finalized on 26 July 2024 as a pilot project. It is one of Azerbaijan’s renewable energy capacity improvements as per national adaptation strategy: renewable energy technologies will be 30% in 2030.
Expected cost for the setting up the plant is USD 300 million which will be constructed in the Khizin district, near the capital city of Baku. The plant will hold 3.7% grid capacity on the countrywide electricity grid and will provide electricity for up to 300,000 households
As such, the critical aspect of the project is the carbon emissions. Under the guidance of Acwa Power, a renowned renewable energy developer, it will be completed with the help of the industry and investment. The International Bank of Azerbaijan will be an important link in making financial decisions that will enable the plant to be built.
This reflects the national stance of Azerbaijan on the benefits of renewable energy in their energy mix which will in turn appeal to both domestic and international investors. The construction of the plant will be well into 2025, and the launch of the operation is expected by the end of 2026.
Approval will be a very important commitment leading to a sustainable energy future in Azerbaijan, a diversification of the energy structure and a contribution to national energy security as well as concurrence with the country’s environmental goals.
Azerbaijan Assents Deal for New 240MW Wind Power Facility
