EBRD finances Azerbaijan’s first utility-scale wind power plant

• 1 year, 2 months ago (2023-10-27)
• David Flin

Asia 900 Wind 261

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The European Bank for Reconstruction and Development (EBRD) has announced it is financing construction of a 240 MW wind power plant in east Azerbaijan. This will be the first utility-scale wind power project in the country and the largest in the Caucasus.

EBRD has arranged a syndicated loan of €190 million to ACWA Power Azerbaijan Renewable Energy, the project company owned by ACWA Power . The project will be co-financed by the OPEC Fund for International Development.

Once commissioned, the plant is expected to generate up to 893 GWH annually.

Nandita Parshad, MD of the EBRD’s Sustainable Infrastructure Group, said: “We are proud to finance this landmark project for the energy transition in Azerbaijan. Last year we signed an MOU with our long-standing partner, ACWA Power, committing to delivering renewable energy, green hydrogen, and green desalination projects in our regions.”