Global law firm White & Case LLP has advised the Ministry of Energy of the Republic of Azerbaijan on a US$300 million 240 MW wind power project, which will be developed by ACWA Power.
White & Case partner Mukund Dhar, who co-led the Firm's deal team, said: "This is the first foreign investment-based independent power project in the Republic of Azerbaijan and a landmark transaction for Azerbaijan as it looks to diversify and invest in alternative energy resources."
The 240 MW wind power project will be located in the Absheron and Khizi regions. Once completed it will power 300,000 households and offset 400,000 tonnes of carbon dioxide emissions each year, supporting Azerbaijan's green ambitions. Azerbaijan has committed to reducing its greenhouse gas emissions by 35 percent by 2030 under the Paris Agreement.
White & Case partner Kamilla Azamat, who co-led the Firm's deal team, said: "Renewable power is an important low-carbon solution to meeting Azerbaijan's ambitious climate targets and public-private partnerships will play an integral role in developing them."
The Ministry of Energy of the Republic of Azerbaijan is the central executive authority implementing state policy and regulations in the fuel and energy sectors.
ACWA Power is a developer, investor and operator of power generation and water desalination plants, registered and established in 2004 in Riyadh, Saudi Arabia.
The White & Case team in London which advised on the transaction comprised partners Mukund Dhar and Kamilla Azamat and associates Alex Field, Bruna Beloso and Nick Crawford. Omni Law Firm partners Roman Alloyarov, Afag Abdullayeva and Ismail Zargarli and associate Nigar Alimardanli advised on Azerbaijan law matters.
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