Azerbaijan signs 440MW solar and wind deals
13 January, 2020
Azerbaijan’s government has signed separate deals with ACWA Power and Masdar to develop 440MW of renewable energy projects in the country.
Abu Dhabi-headquartered renewable energy developer Masdar will design, finance, build and operate a 200MW utility-scale solar photovoltaic (PV) project.
The solar farm, located 75km southwest of the country’s capital Baku, is expected to reach financial close at the end of 2020, with commercial operations scheduled for 2022.
Saudi Arabian power company ACWA Power also agreed to develop, build and operate a 240MW wind farm in Azerbaijan.
The wind farm will be built on a build-own-operate basis by ACWA, with a 20-year power purchase agreement signed.
Both projects will support Azerbaijan’s target of producing 30% of its domestic power requirements through renewable energy sources by 2030.