ACWA Power inks debt funding deal for 240-MW Azeri wind project

Saudi renewables developer ACWA Power Co (TADAWUL:2082) has closed a USD-238-million (EUR 226.2m) debt financing deal backing the construction of its 240-MW Absheron-Khizi wind project in Azerbaijan.

The financial closing was announced during the COP29 climate change conference in Baku. In a press statement on Thursday, ACWA Power said it has signed senior debt facilities European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development (the OPEC Fund), which add to a USD-120-million equity bridge financing facility secured from First Abu Dhabi Bank (FAB) at end-2023.

Absheron-Khizi is the first international investment-based independent wind power project in Azerbaijan and the largest in the Caucasus region. The wind farm’s construction is currently underway at a site in the Absheron and Khizi regions and is expected to be completed in the first half of 2026. Once up and running, the plant will produce electricity for almost 300,000 homes, with its output to be sold under a 25-year power purchase agreement (PPA) with national electrical power company Azerenerji.

(USD 1.0 = EUR 0.950)

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