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ACWA Power Announces Finance for Absheron-Zhizi Wind Farm in Azerbaijan

by rachel
written by rachel

ACWA Power has announced the successful financial close of senior debt facilities worth USD $238 million to finance a key renewable energy project in the Caucasus region.

The European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development have provided financing facilities of USD $238 million in total for the Absheron-Khizi 240MW Wind Farm in Azerbaijan.

An equity bridge financing of USD $120 million, based on shariah compliant structure, was secured from First Abu Dhabi Bank (FAB) in December 2023.

The Absheron-Khizi plant is the first international investment-based independent wind power project in Azerbaijan, and the largest in the Caucasus region.

“This project reflects what can be achieved through strategic collaborations between the private and public sector to mobilise finance that accelerates climate action”, said Marco Arcelli, CEO of ACWA Power. “We are proud to be supporting Azerbaijan’s shift from natural gas to renewable energy in line with the nation’s clean energy ambitions, and hope that this is the first of many similar projects.”

The project is expected to commence operations in the first half of 2026 and involves a 25-year power purchase agreement with Azerenerji, the national electrical power company. When complete, the project is expected to provide nearly 300,000 households with renewable power and mitigate the impact of 400,000 tonnes of carbon emissions annually.

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EnergyLatest News

Saudi-listed ACWA Power signs $4.85bln deal for Central Asia’s largest wind farm

by Madaline Dunn
written by Madaline Dunn

Saudi-listed ACWA Power, the world’s largest private water desalination company, recently signed a Power Purchase Agreement (PPA) with the National Electric Grid of Uzbekistan at the Tashkent International Investment Forum for Central Asia’s largest wind farm.

The Aral Wind IPP will be deployed in five phases and generate approximately 18,500 GWh of clean electricity annually.

This, it said, will displace 247 billion tonnes of CO2 over its lifetime while providing power to around four million homes.

Further, it was shared that it is projected to create hundreds of direct and indirect jobs and stimulate local industry by localising services and supplies.

The Aral 5GW Wind Independent Power Producer (IPP) project in the Karakalpakstan region is the company’s 15th project in Uzbekistan, as its largest market after its home country of Saudi Arabia.

This latest project brings its total investment in the country to $13.9 billion.

Mohammad Abunayyan, Founder and Chairman of the Board of ACWA Power, said: “This historic project will provide clean power to approximately 4.5 million houses in Uzbekistan, a country which is propelling its energy transition thanks to its ambitious and decisive leadership. We are proud to collaborate with Uzbekistan’s government to export our low-carbon expertise beyond the borders of Saudi Arabia, improving the lives of millions in a country with whom we are honoured to share close ties.”

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EnergyLatest News

Masdar and Bapco Energies to develop wind projects in Kingdom of Bahrain

by Madaline Dunn
written by Madaline Dunn

Abu Dhabi Future Energy Company PJSC – Masdar and Bapco Energies, an integrated energy company in the Kingdom of Bahrain, have signed an agreement to jointly explore the development and investment in wind projects in Bahrain, with a capacity of up to 2 gigawatts (GW).

The agreement for near-shore and offshore wind farms is Masdar’s first in Bahrain and will be the first project of its kind in the region and the Middle East, it was shared. 

Commenting on the announcement, Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, said: “As a global clean energy pioneer, Masdar will utilize its well-established expertise and track record in delivering wind energy projects globally, both onshore and offshore. It is a privilege to be supporting the Kingdom of Bahrain to achieve its net zero ambitions and power a more sustainable future.”

Indeed, Masdar’s has developed a number of “landmark” wind projects globally, including: 

  • The 400MW Dumat Al Jandal wind farm
  • The 630MW London Array offshore wind project, and
  • The 103.5MW UAE Wind Program. 

Bapco Energies Group Chief Executive Officer, Mark Thomas added: “Today marks a significant milestone in Bapco Energies’ pathway towards sustainable energy development. Our partnership with Masdar demonstrates our commitment towards diversifying the Kingdom of Bahrain’s energy mix to include cleaner energy sources, underscoring our role as leaders in renewable energy development. This strategic collaboration signifies a bold step towards realizing the ambitions outlined in Bahrain’s National Energy Strategy, propelling us closer to our net-zero goals. Together, we will pave the way for a more sustainable and resilient future for generations to come.”

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EnergyLatest News

Neptune Energy, Ørsted and Goal7 partner to power integrated energy hubs with offshore wind

by Mohammad Ghazal
written by Mohammad Ghazal

Neptune Energy has recently signed a memorandum of understanding (MoU) with Ørsted and Goal7 to look into powering new integrated energy hubs in the UK North Sea with offshore wind-generated electricity.

The MoU will see the companies examine the potential to  supply renewable electricity from Ørsted’s Hornsea offshore windfarm projects to power future Neptune-operated hubs in the UK North Sea.  Goal7 will provide project management support and technical input.

Integrated energy hubs have the potential to combine multiple energy systems, including existing oil and gas production assets, carbon storage and hydrogen production facilities, which could extend the life of producing fields and support the economic case for electrification with renewable energy, to keep carbon emissions low, according to the company.

“Neptune has submitted three applications under the recent Carbon Dioxide Appraisal and Storage Licensing Round, and securing the licences would enable us to develop future proposals for integrated energy hubs in the UK North Sea,” Neptune Energy’s Director of New Energy, Pierre Girard, said in press statement.

The agreement with Ørsted and Goal7 will support research into the potential use of wind-generated renewable electricity to power these hubs, which could comprise new and repurposed offshore assets and bring together hydrogen production and carbon injection facilities, according to Girard.

Commenting on the MoU, Duncan Clark, Ørsted’s Managing Director Offshore and Country Chair UK&I, said: “We must continue taking action to limit the damaging effects of climate change. Supporting the decarbonisation of other industrial sectors and providing renewable energy to enable more sustainable carbon storage is an important consideration as the UK transitions towards a low-carbon economy.”

“As we build out the largest offshore wind zone in the world with our Hornsea projects and demand for electricity continues to increase, optimising production of these huge offshore assets will bring even greater value to consumers and support the UK’s efforts to meet its 2050 net zero commitments,” Clark said.

The North Sea Transition Authority is due to award storage licences early in 2023.

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