Acwa breaks ground on Azerbaijani windfarm
The project is the first and largest foreign investment in Azerbaijan’s renewables sector
Saudi power project developer Acwa Power has broken ground on the 240MW Khizi-Absheron windfarm in Azerbaijan, valued at SAR1.1bn ($300mn). The firm has also signed a memorandum of understanding (MoU) with the country’s energy ministry to develop an offshore wind project. Azerbaijan aims to generate 30pc of its energy through renewables by 2030. As of 2019, over 98pc of the country’s energy was supplied by natural gas or oil, according to the IEA. Lower-carbon sources of energy—including biofuels, hydropower, wind and solar—currently represent only 1.6pc of supply. The Khizi-Absheron project is the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date. Acw
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation