The European Bank for Reconstruction and Development (EBRD) is providing a financing package of US$142m (€121m) for two special-purpose vehicles (SPVs) developing Uzbekistan’s combined solar PV and battery energy storage system (BESS) projects (EBRD press release, 29/10/2025).
The two SPVs, ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2, will be majority-owned by Saudi Arabia’s ACWA Power and co-owned by Japanese companies Sumitomo Corporation, Shikoku Electric Power Company, and Chubu Electric Power Company.
The financing package is structured as two loans:
- US$61m (€52m) to ACWA Power Sazagan Solar 1 for the development, construction, and operation of a 500 MW solar PV plant and a 668 MWh BESS in the Samarkand region.
- US$81m (€69m) to ACWA Power Sazagan Solar 2 for the development, construction, and operation of a 500 MW solar PV plant in the Samarkand region and a 668 MWh BESS in the Bukhara region.
The projects will support the Uzbek government’s renewable energy plan to achieve 25 GW of solar and wind capacity by 2030. They have also secured a financing package with the Asian Development Bank (ADB).
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