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AIIB signs $107mn loan with ACWA Power for Bash 2 wind project in Uzbekistan

Asian Infrastructure Investment Bank has signed a $107mn loan agreement with ACWA Power to support the development of the Bash 2 wind power project in Uzbekistan.


The project will be located in the Gijduvan district within the Bukhara Region and is designed to have an installed capacity of 300 megawatts. The facility is expected to generate approximately 943 gigawatt-hours of electricity per year. According to project estimates, this output would be sufficient to supply electricity to more than 336,000 households while reducing carbon dioxide emissions by around 475,000 tons annually.
The Bash 2 project is being developed as part of a broader renewable energy cluster in the region and follows the earlier Bash 1 wind project. It forms part of Uzbekistan’s strategy to increase the share of renewable energy in its electricity generation mix and reduce reliance on conventional energy sources.
The investment is aligned with AIIB’s priorities, which include green infrastructure, technology-enabled infrastructure, and the mobilization of private capital. The project also contributes to Uzbekistan’s target of increasing the share of renewable energy in its power mix to 40% by 2030.
The financing structure includes a long-term power purchase agreement with the National Electric Grid of Uzbekistan. The project is co-financed with the Asian Development Bank and Standard Chartered, indicating participation from multiple international financial institutions.
AIIB and ACWA Power have been cooperating in Uzbekistan’s energy sector since 2019. Combined investments by the two parties in renewable and conventional energy projects in the country amount to approximately $440mn. These investments are aimed at expanding generation capacity and supporting the transition toward a lower-carbon energy system.
Asian Infrastructure Investment Bank, established in 2016, operates as an international financial institution focused on infrastructure development, with 111 approved members and total capital of $100bn.
ACWA Power, headquartered in Riyadh, manages a portfolio of 111 projects across 15 countries, with total assets valued at $121bn. Its operations include power generation and water desalination, with a total power generation capacity of 96 gigawatts, including 52.3 gigawatts from renewable sources.

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