ACWA Power to sign $246 mln financing for Azerbaijan wind project today

A wind turbine of ACWA Power

ACWA Power expects to sign 20-year, $246 million financing agreements for the wind project in Azerbaijan, which will add 240 megawatts (MW) of energy capacity. 

The total investment cost stands at $347 million, of which 71% is non-recourse to the shareholders, the utility said in a statement to Tadawul.

ACWA Power Azerbaijan Renewable Energy Limited Liability Co., an affiliate of ACWA Power, will sign the financing agreements. European Bank for Reconstruction & Development (EBRD) and OPEC Fund for International Development (OFID) will finance the deal.

The finance will be used for the development and construction of a 240 MW wind plant. 

The guarantees are limited to ACWA Power’s pro rata share of equity bridge loan, standby equity and reserve account. 

An addendum announced will be made for any update, ACWA Power added.