Acwa Power secures $238m for Azerbaijan wind farm

Saudi renewable energy major Acwa Power has secured $238 million in funding to support a wind energy project in Azerbaijan.

The funding for the Absheron-Khizi 240-megawatt (MW) wind farm comes from the European Bank for Reconstruction and Development (EBRD) and the Opec Fund for International Development.

In December 2023, the company obtained a Shariah-compliant equity bridge financing facility of $120 million from First Abu Dhabi Bank (FAB).

The Absheron-Khizi wind farm is Azerbaijan’s first independent, foreign-invested wind power project. It is expected to commence operations in the first half of 2026 and involves a 25-year power purchase agreement with state-run national electrical power company, Azerenerji.

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The wind farm is expected to provide 300,000 households with power and offset 400,000 tonnes of carbon emissions annually.  

Last month, Acwa Power CEO Marco Arcelli said the company had spent $7 billion so far on the African continent, all on renewables. 

The Saudi-listed company’s portfolio comprises projects in operation, advanced development, or construction worth SAR 348 billion ($93 billion). They have a combined capacity to generate 65.2 gigawatts of power and manage 8.0 million cubic metres per day of desalinated water.