ACWA Power opens Khizi-Absheron wind farm in Azerbaijan

Azerbaijan inaugurates the 240-MW Khizi–Absheron wind farm developed by Saudi Arabia’s ACWA Power, in the presence of President Ilham Aliyev and Chairman Mohammad Abunayyan

ACWA Power inaugurated the Khizi-Absheron 240 mega watt (MW) Wind Farm, in the presence of Azerbaijan’s President Ilham Aliyev and the Saudi utility’s Chairman Mohammad Abunayyan.

According to a government statement, the project is one of the largest wind power plants developed by ACWA Power in Azerbaijan. It is expected to boost the share of renewables in the country’s energy mix and reduce carbon emissions, in support of Azerbaijan’s energy sector targets.

The project represents an advanced model of cooperation between Saudi Arabia and Azerbaijan in renewable energy development, while strengthening the Kingdom’s presence in global energy markets and supporting knowledge transfer and the creation of sustainable value chains in the sector.

The wind farm forms part of a broader portfolio of initiatives undertaken by ACWA Power across multiple countries, underscoring Saudi Arabia’s role in driving the transition toward a more secure and sustainable energy future at both regional and international levels.

According to Argaam data, ACWA Power signed in December 2020 official agreements to develop, build and operate the 240-MW wind project in Azerbaijan’s Absheron and Khizi regions, with total investment costs of up to $300 million.

In November 2024, the company achieved financial close for $238 million in senior debt facilities to finance the project. It also said that in December 2023, it secured an initial Shariah-compliant equity bridge financing option worth $120 million from First Abu Dhabi Bank.