Uzkimyosanoat and ACWA Power, along with the European Bank for Reconstruction and Development (EBRD), have signed an agreement to advance a green hydrogen project in Uzbekistan. The deal includes a bridge loan and guarantees to support the development of a green hydrogen production facility. This project is the first of its kind in the CIS and Central Asia.
The project will see the establishment of green hydrogen production facilities in the Tashkent region, featuring the installation of electrolyzers and wind turbines. Specifically, the project will construct a 20 MW electrolyzer facility and a 52 MW wind power plant to supply renewable energy for hydrogen production.
The signing ceremony on September 10 was attended by key figures from Uzkimyosanoat, ACWA Power, and the EBRD. The low-interest credit resources will be used directly for the project's financing, bypassing the need for a state guarantee.
Under the agreement, the project will be managed by the joint venture ACWA-UKS GH2, where ACWA Power holds an 80% stake and Uzkimyosanoat holds 20%.
The EBRD has committed a financial package totaling $65mn to ACWA Power UKS Green H2, a joint venture formed to develop, design, construct, and operate the green hydrogen facility.
This package comprises a senior loan of $55mn and concessional financing of up to $10mn from Canada’s High Impact Partnership on Climate Action (HIPCA) Fund. Additionally, the EBRD will offer a bridge loan for equity of up to $5.5mn.
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