The European Bank for Reconstruction and Development (EBRD) announced the organisation of a syndicated loan in the amount of $197.1mn for the construction of a wind power plant (WPP) in Azerbaijan with a capacity of 240 MW. According to the bank, the borrower of the loan is ACWA Power Azerbaijan Renewable Energy Limited Liability Company, created to implement this project.

The EBRD's share in the syndication is $167mn. In addition to the EBRD, the OPEC Fund for International Development will also take part in the syndication. On October 18, the EBRD Board of Directors approved the provision of a loan for this project.

Earlier, ACWA Power (Saudi Arabia) will commission the Khizi-Absheron wind power plant with a capacity of 240 MW in Azerbaijan in 2025. The groundbreaking ceremony for the wind farm took place on January 13, 2022.

As part of the project, 40 turbines with a capacity of 6 MW each will be installed. Of these, 17 wind turbines will be installed in the village of Pirekyushkul in the Absheron region and 23 turbines in the village of Sitalchay in the Khizy region.

The project is implemented according to the build-own-operate principle. The project cost is $348mn, which will be invested by ACWA Power. The power plant will be able to annually generate about 1bn kWh of electricity, saving up to 220 mcm of gas. Azerbaijan has been a member of the EBRD since 1992. During the period of cooperation, the bank approved the allocation of €3.6bn in loans to Azerbaijan for the implementation of 188 projects.