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CASE STUDY Reaping the wind
to build resilience (2023) Delivering renewable energy for Azerbaijan
OPEC Fund financing: US$50 million
Total project cost: US$347 million
Azerbaijan’s energy mix has long been dominated by oil and gas, exposing the country to rising emissions and price volatility. As demand for electricity grows, it has become increasingly important to draw private investment into renew able energy projects. Via a US$50 million loan the OPEC Fund joined national and international partners to build the Khizi–Absheron Wind Power Project, the country’s first utility-scale wind investment. Led by the European Bank for Reconstruction and Development (EBRD), the newly inaugurated
plant has a capacity of 240 MW and generates more than 900 GWh of clean electricity each year — enough to power 300,000 households, while saving 220 million m³ of natural gas and offsetting 400,000 tonnes of carbon emissions. Marco Arcelli, CEO of the developer ACWA Power, said: “We are deeply grateful to our financing partners, the EBRD and the OPEC Fund, for their unwavering support in making this vision a reality. Our commitment to sustainability goes beyond borders and we look forward to the continued support of all our stakeholders.”
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