ACWA Power Secures Funding for Wind Projects in Uzbekistan and Azerbaijan

Credit: ACWA Power

Saudi renewables developer Co has successfully achieved financial closure on USD 62 million (EUR 57.1 million) in debt to support its 100-MW Nukus 1 wind project in .

The financing was arranged during the ongoing Future Investment Initiative (FII8) in Riyadh and involves both senior and subordinated debt provided by a consortium that includes the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), and French .

Located in Uzbekistan's Qorao'zak district, the Nukus 1 wind farm is scheduled to be commissioned by the end of 2025. The project, which began construction in early 2022, will operate under a 25-year power purchase agreement (PPA) with JSC National Electric Grid of Uzbekistan (NEGU).

In addition, ACWA Power has secured USD 238 million in debt for its 240-MW Absheron-Khizi wind project in . This financing has been arranged through partnerships with the EBRD and the OPEC Fund for International Development.

Once operational in the first half of 2026, the Absheron-Khizi project is expected to supply electricity to nearly 300,000 homes, with its output sold under a 25-year PPA with the national electricity company, Azerenerji.

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