Renewable power developer ACWA Power will receive up to USD $229.4m from the European Bank for Reconstruction and Development (EBRD) to fund a 200MW/500MW solar and storage project in Uzbekistan.
ACWA Power Riverside Solar, a purpose-built company from Saudi-owned ACWA Power, own the project. The company’s projects, like this one based in Tashkent, contribute to the country’s goal of developing 25GW of both solar and wind generation capacity by 2030.
For example, a power purchase agreement (PPA) was signed in March 2023 between ACWA Power and JSC Uzbek National Electricity Grids, the country’s national grid operator, for the government to finance 1.4GW of solar PV and 1.2GW of energy storage.
“We are proud to partner with ACWA Power and co-financiers on the pioneering Tashkent Solar PV and energy storage project in Uzbekistan, the largest of its kind in Central Asia,” comments Nandita Parshad, Managing Director of the EBRD’s sustainable infrastructure group.
“The project is core to Uzbekistan’s ambition to install 25GW of renewables by 2030.”
EBRD’s contribution will be received through an A-loan and B-loan, delivering USD $183.5m and USD $40.5m respectively.
The EBRD has also invested in other projects in Uzbekistan, providing more than USD $5.1bn to 162 projects. This makes the country the most prominent recipient of ERBD funding in Central Asia in the last four years.
