Azerbaijan to turn green with White & Case's help
Once completed, the 240 MW wind power project will help Azerbaijan cut down its greenhouse gas emissions by 35 per cent
By : Legal Era
Update: 2021-03-15 06:30 GMT
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Azerbaijan to turn green with White & Case's help Once completed, the 240 MW wind power project will help Azerbaijan cut down its greenhouse gas emissions by 35 per cent The New York-based global law firm White & Case LLP has advised the Ministry of Energy of the Republic of Azerbaijan on a wind power project deal on an ambitious wind power project that would offset 400,000 tonnes...
Azerbaijan to turn green with White & Case's help
Once completed, the 240 MW wind power project will help Azerbaijan cut down its greenhouse gas emissions by 35 per cent
The New York-based global law firm White & Case LLP has advised the Ministry of Energy of the Republic of Azerbaijan on a wind power project deal on an ambitious wind power project that would offset 400,000 tonnes of carbon dioxide emissions each year and support its green ambitions.
The US$300 million 240 MW wind power project will be developed by ACWA Power. Once completed it will power 300,000 households and help Azerbaijan meet its commitment of reducing its greenhouse gas emissions by 35 per cent by 2030 under the Paris Agreement.
"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," White & Case partner Mukund Dhar, who co-led the White & Case's deal team, said.
Kamilla Azamat, the firm's other partner who co-led the deal team along with Dhar, 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 wind power project will be located in the Absheron and Khizi regions.
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.
Based in Riyadh, the Saudi Arabian company ACWA Power is a developer, investor and operator of power generation and water desalination plants.
The White & Case London team handled the transaction. Besides Dhar and Azamat, associates Alex Field, Bruna Beloso and Nick Crawford comprised the team while Whit e& Case's Omn-based partners Roman Alloyarov, Afag Abdullayeva and Ismail Zargarli and associate Nigar Alimardanli took care of and advised on Azerbaijan legal matters.