Saudi Arabia’s ACWA Power to Build Wind Park in Azerbaijan

(Bloomberg) -- Azerbaijan signed agreements with Saudi Arabia’s ACWA Power for the construction of a 240-megawatt wind park.

Azerbaijan’s Energy Minister Parviz Shahbazov and his Saudi counterpart, Crown Prince Abdulaziz bin Salman, attended the signing ceremony via video conference, the Energy Ministry in Baku said in an emailed statement.

Shahbazov said Azerbaijan plans to increase the share of clean energy in electricity generation to 30% over the next decade. The wind park will help Azerbaijan to save 220 million cubic meters of natural gas a year and reduce carbon emissions by 400,000 tons a year. No details were given on the financing of the project.

Azerbaijan, which exports natural gas to neighboring Georgia and Turkey, plans to start shipments of the fuel to Europe on Thursday via the U.S.-backed Southern Gas Corridor.

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