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 signing of agreements took place in video conference format. The agreements were signed by Energy Minister of Azerbaijan Parviz Shahbazov, President of Azerenergy Baba Rzayev and Chairman of ACWA Power Mohammad Abunayyan with the participation of Saudi Minister of Energy Prince Abdulaziz Bin Salman Al Saud and ambassadors of both countries. 
Minister of Energy Parviz Shahbazov said that President of the Republic of Azerbaijan, H.E. Mr. Ilham Aliyev has indicated the expansion of renewable energy in the country as a priority and has set an ambitious target to increase its share in total installed capacity to 30% by 2030.   In his speech, the minister spoke about the cooperation with up to 10 international energy companies, including ACWA Power to develop the renewable energy field, the transparent company election and the work done upon Implementation Agreement on construction of 240 MW wind power plant signed in the Cabinet of Ministers in January in accordance with Order No 1209 dated 29 May 2019 by the President of the Republic of Azerbaijan "On accelerating the energy reforms".   In addition, the activities of the Comission established to implement pilot projects on the building of power plants in the field of renewables and to coordinate their implementation.   Minister of Energy Parviz Shahbazov said: "The Signing of Agreements and implementation of the Project is an indication of the confidence in the business climate in Azerbaijan and will mark a next stage of economic cooperation between our countries.   Concerning the importance of this project for Azerbaijan, I would like to stress that in addition to being first ever foreign investment based IPP, the wind power station annually will help to generate 1 billion KWh electricity, free up to 220 million cubic meters of gas, prevent 400 thousand tons of carbon (CO2) emissions, create new jobs and new production and service areas.   
Saudi Arabia's Energy Minister Prince Abdulaziz Bin Salman Al-Saud highly appreciated fulfillment of Azerbaijan's obligations and its important role in stabilizing the global oil market under OPEC plus. Agreements signed on the wind power plant were described as an example of a course to diversify the economy of both countries. “This project is important not only for our countries, but also for the world.  The global energy sector faces challenges. To achieve sustainable development, all energy resources must be used. The project we have signed today will not only help achieve this goal, but will also strengthen the relations between Saudi Arabia and Azerbaijan. As Saudi Arabia, we are pleased to participate in Azerbaijan's energy diversification policy. The 240 MW project will contribute to Azerbaijan's energy diversification and progress in the field of renewable energy. Using its rich experience, ACWA Power will support Azerbaijan's efforts to meet its electricity needs economically and in line with international standards. "ACWA Power" will use its rich experience to support Azerbaijan's efforts to meet its electricity needs efficiently and in line with international standards."
President of “Azerenergy” OJSC Baba Rzayev also made a speech at the event. In the process of preparation of agreements, information was given about the work done by the Joint-Stock Company and to be carried out after the signing of agreements. It was noted that the implementation of this project will stimulate the development of our national economy, play a special role in ensuring energy stability of our country, allow to save our natural resource- gas, and have a positive impact on the environment.
The Chairman of "ACWA Power" Mohammad Abunayyan informed about the work done within the project jointly with the Ministry of Energy and "Azerenergy" OJSC. He highly appreciated the support of the ministers of energy of the two countries to the project. It was noted that, despite the negative consequences of the global pandemic COVID-19, intensive work continued both on the project and on the formation and approval of contract documents to be signed for the project. It was also noted that the high level of professionalism, dedication and competence of the parties to the agreement in this area can serve as an example.