The European Bank for Reconstruction and Development (EBRD) is providing $142 million in financing for two ACWA Power-led solar-plus-storage projects in central Uzbekistan.
The The EBRD has signed a financing package that will support the development of two large-scale solar plus storage projects Uzbekistan.
The financing will be split between two specialty vehicles – ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2 – both of which are majority owned by the Saudi developer. ACWA power and will be co-owned by Japanese investors Sumitomo Corp., Shikoku Electric Power Co. and Chubu Electric Power Co.
ACWA Power Sazagan Solar 1 will receive a $61 million loan to develop, construct and operate a 500 MW solar power plant, in addition to 668 MWh of battery energy storage in the Samarkand region of central Uzbekistan.
Meanwhile, an $81 million loan will be provided to ACWA Power Sazagan Solar 2 for the development, construction and operation of a 500 MW solar power plant in the Samarkand region and a 668 MWh BESS in the neighboring Bukhara region of Uzbekistan.
Combined, the 1 GW of solar and 1.34 GWh of battery energy storage will be the largest solar-plus-storage facility in Uzbekistan and the wider region, EBRD says. The bank’s statement adds that battery energy storage technology will improve the reliability and flexibility of the electricity grid by making additional energy capacity available during periods of peak demand.
The projects are expected to be co-financed by the Asian Development Bank, Islamic Development Bank, Japan Bank for International Cooperation and Nippon Export and Investment Insurance-backed lenders.
The EBRD says it has invested €5.35 billion ($6.2 billion) in Uzbekistan in 188 projects to date, including projects that include 1.4 GW of solar capacity, 334 MW/501 MWh of battery energy storage and 1.65 GW of wind capacity.
According to figures from the International Renewable Energy Agency (IRENA), Uzbekistan’s cumulative solar capacity stood at 2,275 MW at the end of 2024, up from 475 MW at the end of last year.
The government of Uzbekistan aims to deploy 25 GW of solar and wind energy by 2030.
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