Absheron-Khizi 240MW Wind Farm

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This project entails the construction of the 240 MW Khizi-Absheron wind power plant in eastern Azerbaijan, consisting of wind farms in the Absheron (102 MW) and Khizi (138 MW) regions. Developed by ACWA Power, a global energy developer, the project is structured as a public-private partnership and involves foreign investment to support Azerbaijan’s renewable energy goals. The project is financed through senior debt facilities totaling $238 million, provided by the European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development (OPEC Fund). An equity bridge facility of $120 million, structured under Shariah-compliant financing, has also been secured from First Abu Dhabi Bank (FAB). The total project cost is $358 million. Expected to commence operations in the first half of 2026, the plant will generate approximately 893 GWh of renewable energy annually, supplying electricity to around 300,000 households. It will help reduce natural gas consumption by 220 million cubic meters annually and avoid over 400,000 tonnes of CO2 emissions per year. Financial close is achieved on November 12, 2024. https://www.acwapower.com/news/acwa-power-announces-usd238-million-aggregate-financial-closing-for-absheron-khizi-wind-farm-en/; https://www.acwapower.com/en/projects/azerbaijan-wind-ipp/; https://www.ebrd.com/news/2023/ebrd-finances-first-utilityscale-wind-power-plant-in-azerbaijan.html; https://opecfund.org/media-center/press-releases/2023/opec-fund-supports-clean-energy-development-in-azerbaijan-with-us-50-million-loan-to-acwa-power