The EBRD grants US$520m in loans for two wind projects (1 GW) in Uzbekistan

14 Dec 2022

The European Bank for Reconstruction and Development (EBRD) has arranged two loans worth a total of US$520m to support two onshore wind projects in the Bukhara region, in central Uzbekistan, totalling 1 GW. Both projects are developed by Saudi Arabia’s ACWA Power and are expected to generate around 3.2 TWh of electricity per year together.

The 500 MW Bash Wind project will benefit from a US$277m loan, which consists in an “A loan” of US$150m on the EBRD’s own account and a “B loan” of US$127m syndicated to commercial lenders. The 500 MW Dzhankeldy Wind project will benefit from a US$243m loan consisting in an “A loan” of US$150m on the EBRD’s own account and a “B loan” of US$93m syndicated to commercial banks.

At the end of 2021, Uzbekistan had only 1 MW of installed wind capacity (and 104 MW for solar). Nonetheless, Uzbekistan targets 8 GW of solar and wind capacity by 2026 and 12 GW by 2030, planning to build at least 5 GW of solar, 3 GW of wind, and 1.9 GW of hydropower capacities by 2030 to cover 25% of the power mix (up from 10% in 2019). The country also plans to reach carbon neutrality by 2050. Uzbekistan is also currently developing the 500 MW Zarafshan wind project with the UAE’s Masdar and for which a financial close was reached in September 2022 (commissioning expected in 2024).

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