ACWA Power achieves financial close for $238M wind plant in Azerbaijan

Logo of ACWA Power Co.

ACWA Power reached financial close for a $238 million senior debt facility to finance the Khizi-Absheron Wind Power Plant in Azerbaijan, with a production capacity of up to 240 MW.
 

According to an emailed statement to Argaam today, Nov. 12, ACWA Power said the financing agreement stipulates a $238 million senior debt facility for the project, provided by a consortium comprising the European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development.
 

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The utility also noted that in December 2023, an initial equity financing option of $120 million was secured from First Abu Dhabi Bank (FAB), in compliance with Islamic Sharia.
 

Commercial operations are expected to commence in the first half of 2026. Upon completion, the project is set to supply energy to about 300,000 homes and reduce carbon emissions by over 400,000 tons annually. The project’s sole offtaker is Azerbaijan’s state-owned energy company, Azerenerji, under a 25-year power purchase agreement.
 

According to Argaam data, ACWA Power signed the official implementation agreements in December 2020 for the development, construction, and operation of a 240 MW wind power project in the Absheron and Khizi regions of Azerbaijan, with a total investment cost of $300 million.