Saudi renewables developer ACWA Power has finalized a USD 238 million debt financing deal for its 240-MW Absheron-Khizi wind project in Azerbaijan.
Announced at the COP29 climate conference in Baku, the deal includes senior debt facilities from the European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development, along with a USD 120 million equity bridge financing facility from First Abu Dhabi Bank (FAB) secured in late 2023.
The Absheron-Khizi project is set to become the first international investment-based independent wind power project in Azerbaijan and the largest in the Caucasus region.
Construction is already underway in the Absheron and Khizi regions, with the wind farm expected to be completed by mid-2026.
Once operational, the wind farm will provide electricity for nearly 300,000 homes under a 25-year power purchase agreement (PPA) with Azerbaijan's national electricity company, Azerenerji.
