Riyadh - Mubasher: ACWA Power announced achieving financial closure for a $238 million senior debt facility to finance a major renewable energy project in Central Asia.

ACWA Power explained on Tuesday that the financing agreement stipulates the structuring of $238 million in the form of senior debt facilities for the Khizi-Absheron wind power project in Azerbaijan with a production capacity of up to 240 megawatts, by a consortium including the European Bank for Reconstruction and Development and the OPEC Fund for International Development.

“Last week, we welcomed the arrival of the first blades of the 240 MW Khizi-Absheron wind power project from ACWA Power at the Gobustan (Absheron) construction site! Installation of the first wind turbine generator (WTG) will begin soon. The tower is 100 meters high, and the blades are more than 84 meters long,” the company said.

It is worth noting that in December 2023, an initial financing option for the project’s shares worth $120 million was secured from First Abu Dhabi Bank, which is Sharia-compliant.