The wind farm is claimed to be the largest in the Caucasus region. Credit: Fahroni / Shutterstock.

Acwa Power has secured financial close for senior debt facilities worth $238m to finance the Absheron-Khizi 240MW Wind Farm in the Republic of Azerbaijan.

The financial close was achieved during COP 29.

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The European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development have provided the senior debt financing facilities for the wind farm.

In addition to the senior debt, an equity bridge financing facility of $120m, based on a Shariah-compliant structure, was secured from First Abu Dhabi Bank in December last year.

The Absheron-Khizi wind farm is the first international investment-based independent wind power project in Azerbaijan and the largest in the Caucasus region.

Slated to commence operations in the first half of 2026, the project involves a 25-year power-purchase agreement with Azerenerji, the national electrical power company.

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Upon completion, the wind farm is expected to supply nearly 300,000 households with renewable power.

Furthermore, it will play a crucial role in mitigating the impact of 400,000tpa of carbon emissions, contributing to global efforts to combat climate change.

ACWA Power CEO Marco Arcelli said: “This project reflects what can be achieved through strategic collaborations between the private and public sector to mobilise finance that accelerates climate action.

“We are proud to be supporting Azerbaijan’s shift from natural gas to renewable energy in line with the nation’s clean energy ambitions, and hope that this is the first of many similar projects.”

In January 2024, the Egyptian government secured a $1.5bn wind energy agreement with the Saudi-led consortium ACWA Power. The agreement covers a 1.1GW wind energy project in the Gulf of Suez and Jabal El Zayt areas.