27 Oct 2023 09:59

EBRD arranges $197 mln syndicated loan for construction of 240 MW wind farm in Azerbaijan

BAKU. Oct 27 (Interfax) - The European Bank for Reconstruction and Development (EBRD) has arranged a syndicated loan worth $197.1 million (186.9 million euros) for the construction of a 240 MW wind farm in Azerbaijan, the bank said in a press release on its website.

The EBRD's share is $167 million. The bank's board of directors approved the loan for this project on October 18.

The project will be co-financed by the OPEC Fund for International Development (OPEC Fund).

The loan will go to ACWA Power Azerbaijan Renewable Energy, the project company owned by Saudi Arabia's ACWA Power.

It was reported earlier that ACWA Power plans to launch the Khizi-Absheron wind farm, the foundation laying ceremony for which was held on January 13, 2022, in 2025. The $348 million project involves the installation of 40 6 MW wind turbines, including 17 in Perekeshkul, Absheron district and 23 in Sitalchay, Khizi district.

The wind farm will be able to generate about 1 billion kWh of electricity annually, saving up to 220 million cubic meters of gas.

The EBRD has approved 3.6 billion euros in loans for 188 projects in Azerbaijan since the country joined the bank in 1992.