The European Bank for Reconstruction and Development (EBRD) is contemplating the allocation of a new loan for ACWA Power, a Saudi company, for a project in Uzbekistan. The company is looking forward to securing financing for the construction of a 200 MW photovoltaic power plant and a 500 MWh energy storage system in the Tashkent region. The agreement on the project with the government was reached on March 12.
Financial aspects of the project
Projected impact on green energy
The implementation of the project, along with the increase in the total generating capacity, is expected to enhance the reliability of “green” energy sources. Energy storage will address the issue of the inconsistent operation of photo panels.
Future plans
Under the agreement, it is planned to build solar power plants with a total capacity of 1.4 GW - of which 1 GW will be in the Samarkand region, and 400 MW will be created in the capital region. Initial reports also mentioned 400 MW storage complexes.
ACWA’s ongoing projects in Uzbekistan
ACWA is implementing several projects in Uzbekistan. The company is engaged in the construction of two wind farms in Karakalpakstan - 1.5 GW and 100 GW - and is working on two wind farms of 500 MW each in the Bukhara region. In November, the company won a tender for the construction of another 200 MW wind farm with energy storage in Karakalpakstan. Additionally, ACWA will invest $88 mn in the production of “green” hydrogen in Chirchik.
The EBRD has arranged two syndicated loans worth $520 mn to help construct and put into operation two wind power plants with a total installed capacity of 1GW in the Bukhara region. The EBRD is also extending a $19.3 mn loan to ACWA Power Wind Karatau FE LLC to finance the construction of a 100MW wind power plant (WPP) in the Republic of Karakalpakstan in western Uzbekistan. The EBRD has so far financed 2,700 MW of renewable capacity in Uzbekistan.
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