US$246 million financing secured for 240 MW wind project in Azerbaijan

Saudi Arabian utility developer ACWA Power has secured US$246 million in financing for its 240 MW wind project in Azerbaijan.

This wind power project marks the country's inaugural utility-scale wind power endeavor and stands as the largest in the Caucasus region. Located in Absheron and Khizi districts around Chayli and Sitalchay villages, the project received a syndicated loan of US$197.1 million from the European Bank for Reconstruction and Development (EBRD) for ACWA Power Azerbaijan Renewable Energy. Co-financed by the OPEC Fund for International Development (OFID), this initiative will yield 240 MW of renewable energy, producing up to 893 gigawatt hours (GWh) of clean electricity annually and reducing carbon emissions by over 400,000 tonnes yearly.

Following last year's investment in the initial utility-scale solar power plant in Garadagh, this wind power project underscores the EBRD's commitment to Azerbaijan's green agenda, as outlined in the memorandum of understanding signed in December 2022.