Saudi ACWA Power secures $238 million for wind farm construction in Azerbaijan

Saudi Arabia’s ACWA Power has announced $238 million in financing for the Absheron-Khizi Wind Farm, a 240MW project in Azerbaijan.

This project represents the first foreign investment-based independent wind power initiative in the country, structured as a public-private partnership, News.Az reports, citing Gulf Business.

Expected to begin operations in H1 2026, the Absheron-Khizi plant will provide renewable energy to nearly 300,000 households while reducing carbon emissions by approximately 400,000 tonnes annually.

The groundbreaking ceremony for the 240 MW Khizi-Absheron wind farm took place in January 2022. The project will install 40 turbines with 6 MW capacity each, including 17 in Pirekushkul village of Absheron district and 23 in Sitalchay village of Khizi district. The wind farm will be able to generate about 1 billion kWh of electricity annually.

Additionally, in early May 2024, Azerbaijan's Ministry of Energy and ACWA Power signed an executive agreement for a 200 MW battery energy storage system project and a framework agreement for the construction of a 200 MW onshore wind power plant.

Overall, Azerbaijan and ACWA Power are currently discussing joint renewable energy projects both onshore and offshore with a total capacity of 2.5 GW.

News.Az