OPEC Fund Approves Loan For Wind Power Plant Project In Azerbaijan
Date
12/15/2023 3:11:54 PM
(MENAFN- AzerNews) The OPEC Fund for International Development (the OPEC Fund) has
approved a $50 million loan to ACWA Power Wind Azerbaijan Renewable
Energy to support the construction of a 240 MW Khizi-Absheron wind
power plant, strengthening electricity supply, diversifying the
energy-mix and reducing carbon emissions, Azernews reports via the OPEC Fund.
In total, the OPEC Fund has approved more than US$600 million in
new development financing at the meeting of its Governing Board on
December 14 and in the final quarter of 2023.
The 18 new projects reflect the OPEC Fund's commitment to
advancing sustainable social and economic development in its
partner countries. The new funds will support projects in the
transportation, health, education and energy sectors, and will
promote climate action and food security, and bolster international
trade.
On January 9, 2020, the Ministry of Energy of the Republic of
Azerbaijan and ACWA Power of the Kingdom of Saudi Arabia signed an
Implementation Agreement. According to the Agreement, pilot project
will be implemented for the construction of wind power plant with a
capacity of 240 MW by ACWA Power. In this regard, on December 30,
2020, Investment agreement, Power Purchase agreement and
Transmission Connection agreement were signed on 240 MW wind power
plant between the Ministry of Energy, Azerenergy OJSC and ACWA
Power of the Kingdom of Saudi Arabia. The project with a total
installed capacity of 240 MW will be implemented in Sitalchay
village of Khizi region and Pirakashkul village of Absheron
region.
According to the preliminary estimates, the wind power station
will annually generate 1 billion kWh of electricity, will give an
opportunity to save 220 million cubic meters of natural gas per
year, to prevent 400,000 tons of carbon dioxide emissions and to
supply 300,000 homes with electricity. The total cost of the
project is approximately $300 million and is expected to be fully
funded by foreign investment. The plant's groundbreaking ceremony
was held on January 13, 2022.
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