The Saudi power company ACWA Power has secured an US$80m equity bridge loan from the Bank of China to finance the development of renewable projects in Uzbekistan, namely a 200 MW solar project in Tashkent and a 500 MWh battery storage system in the country. The loan agreement follows an initial agreement reached during the third Belt and Road Forum summit in October 2023.
ACWA Power has many power projects under development in Uzbekistan, including the 1.5 GW Syrdarya CCGT power plant currently under construction. It is also developing large wind projects (1.5 GW Kungrad Wind 3 and 1 GW Boukhara), two 500 MW wind parks in Bash and Dzhankeldy, 200 MW Beruniy and 100 MW Nukus (Karauzyak) wind projects. In addition, three 100 MW battery storage projects are under development for the Kungrad wind park.
Uzbekistan aims to reach 27 GW of renewable energy capacity and 40% of electricity production from renewables by 2030. The country currently has 1.1 GW of wind capacity under construction and 4.6 GW under development (nearly 800 MW of solar capacity under construction and over 2 GW under development).
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