Saudi Arabian utility developer ACWA Power, partly owned by the sovereign Public Investment Fund, has secured $246 million financing for its 240 MW wind project in Azerbaijan.

The project company, ACWA Power Azerbaijan Renewable Energy Limited Liability Company, an affiliate of ACWA Power, will sign the financing agreements, the Saudi utility developer said on Thursday in a statement on the Tadawul bourse.

The total investment cost is $347 million of which 71% is non-recourse to shareholder.

The financing entities are European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for International Development (OFID).

The wind power plant will be located at the territories of Absheron and Khizi districts in the areas of Chayli and Sitalchay villages.

(Writing by Brinda Darasha; editing by Seban Scaria)