ACWA Power establishes new company in Azerbaijan

Saudi ACWA Power has established a subsidiary company "ACWA Power Technical Financial Services" in Azerbaijan, Report informs referring to the State Tax Service under the Ministry of Economy of Azerbaijan.

The company is registered as a limited liability company with an authorized capital of $50,000. The official representative of the LLC is Turkish citizen Guven Mehmet Salim.

The company was state-registered with Azerbaijan's tax authorities on August 28, 2024. In Azerbaijan, ACWA Power is implementing the construction project of the 240 MW "Khizi-Absheron" wind farm, the groundbreaking ceremony of which took place in January 2022.

The project cost is $348 million. It will install 40 turbines with 6 MW capacity each, including 17 in Pirekushkul village of Absheron district and 23 in Sitalchay village of Khizi district. The wind farm will be able to generate about 1 billion kWh of electricity annually. Its commissioning is planned for 2025.

In early May 2024, Azerbaijan's Ministry of Energy and ACWA Power also signed an executive agreement for a 200 MW battery energy storage system project and a framework agreement for the construction of a 200 MW onshore wind power plant.

In total, Azerbaijan and ACWA Power are currently discussing joint renewable energy projects onshore and offshore with a total capacity of 2.5 GW.