ACWA Power has closed $238 million in senior debt facilities to develop Azerbaijan’s Absheron-Khizi 240 megawatt (MW) Wind Farm, the largest renewable energy project of its kind in the Caucasus region
The project, led by Suez Wind Energy, a special purpose vehicle (SPV) established to build and operate the wind farm, aims to add 1.1 gigawatts (GW) of renewable capacity to Egypt’s power sector, to advance the country’s green energy goals
The power projects, which include the Rumah I and II and Al Nairyah I and II plants, are crucial components of the kingdom’s efforts to meet its growing electricity demand and diversify its energy sources.
ACWA Power’s power generation capabilities have expanded by 2.4 GW in 2024, with 2.2 GW of projects achieving partial or full commercial operations within the first nine months
The wind plant is part of Acwa Power’s expansive $1.8 billion investment initiative, launched at the recent Future Investment Initiative (FII) in Riyadh
The successful synchronisation of Redstone CSP to South Africa’s national grid, achieved through ACWA Power’s collaboration with Herlogas and SEPCOIII, strengthens ACWA Power’s position as the leading private investor in Africa’s renewable energy sector
The first agreement, valued at $690 million, is a financing arrangement with the National Bank of Kuwait (NBK), that will support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other key markets
The Khizi-Absheron wind farm, which will be constructed across two key sites in the Khizi and Absheron districts, represents ACWA Power’s first foray into the Azerbaijani market.
