ACWA Power has achieved a financial close of senior debt facilities worth $238 million to finance a renewable energy project in the Caucasus. The European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development (OPEC Fund) provided senior debt financing facilities for the Absheron-Khizi 240 megawatt (MW) wind farm in Azerbaijan. 

Additionally, an equity bridge financing facility of $ 120 million, based on a Shariah-compliant structure, was secured from First Abu Dhabi Bank (FAB) in December 2023.

The Absheron-Khizi plant is Azerbaijan's first international investment-based independent wind power project. 

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

The project is expected to provide nearly 300,000 households with renewable power and mitigate the impact of 400,000 tonnes of carbon emissions annually on completion. 

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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