The Azerbaijani Ministry of Energy and ACWA Power have held a groundbreaking ceremony for a 240MW wind farm in Azerbaijan.
The project will have an investment of SAR1.125bn (€262m) following the signing of power purchase, investment and transfer agreements.
It represents the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date and contributes to the country’s target to generate 30% of its energy through renewables, ACWA Power said.
The wind farm is expected online by the fourth quarter of 2023 and will contribute an estimated 3.7% of energy to Azerbaijan’s total national grid capacity.
