On November 1, Saudi ACWA Power announced $238 million in financing for the Absheron-Khizi Wind Farm, a 240 MW project in Azerbaijan. 

The Absheron-Khizi plant is expected to become operational in the first half of 2026, providing renewable energy for nearly 300,000 households and reducing carbon emissions by around 400,000 tons per year.

According to ACWA Power’s official website, the total project cost is estimated at $286 million, fully financed by the Saudi company. Once operational, the plant is expected to save approximately 220 million cubic meters of natural gas annually. The groundbreaking ceremony for this 240 MW wind farm was held in January 2022, with plans to install 40 turbines, each with a 6 MW capacity—17 turbines in Pirekushkul village, Absheron district, and 23 in Sitalchay village, Khizi district. The wind farm aims to generate approximately 1 billion kWh of electricity each year.

In early May 2024, Azerbaijan's Ministry of Energy and ACWA Power signed an executive agreement to develop a 200 MW battery energy storage system and a framework agreement to construct a 200 MW onshore wind power plant. Overall, ACWA Power and Azerbaijan are currently discussing joint renewable energy projects, both onshore and offshore, with a combined capacity of 2.5 GW.