EBRD invests US$230 million in ACWA Power’s Uzbekistan solar-plus-storage project

Facebook
Twitter
LinkedIn
Reddit
Email
Middle-Eastern companies like ACWA Power and Masdar have invested significantly in Uzbekistan’s renewable energy sector. Image: Masdar.

The European Bank for Reconstruction and Development (EBRD) will provide up to US$229.4 million to ACWA Power to develop a 200MW/500MWh solar-plus-storage project in Uzbekistan.

Due to be built in the eastern Tashkent region, the projects are owned by ACWA Power Riverside Solar, a special-purpose company owned by Saudi energy giant ACWA Power. It forms part of Uzbekistan’s professed target of developing 25GW of solar and wind generation capacity by 2030.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The financing will be delivered through an A-loan of up to US$183.5 million and a B-loan of up to US$40.5 million, supported by commercial co-financiers.

Nandita Parshad, managing director of the EBRD’s sustainable infrastructure group, said: “We are proud to partner with ACWA Power and co-financiers on the pioneering Tashkent Solar PV and energy storage project in Uzbekistan, the largest of its kind in Central Asia. The project is core to Uzbekistan’s ambition to install 25GW of renewables by 2030.”

The EBRD has invested over US$5.1 billion (€4.7 billion) in 162 projects in Uzbekistan alone to date; it has been the leading recipient of EBRD funding in the Central Asia region for the last four years.

Uzbekistan and the wider Central Asia region has received significant foreign investment in its energy sector, particularly from the Middle East and China.

Marco Arcelli, CEO of ACWA Power, said: “In a world that is looking for greater participation of private capital in emerging markets to support growth and decarbonisation, Uzbekistan is a case study under the vision and leadership of its government and lenders like the EBRD, DEG, Islamic Development Bank, Proparco, KfW IPEX-Bank and Standard Chartered.”

ACWA Power secured US$80 million from the Bank of China earlier this year to support the development of the Tashkent project, which forms part of wider plans for the region. The company also signed an engineering, procurement, and construction (EPC) contract with the China Energy Group Corporation for the site last year and a 240MW module supply agreement with Chinese solar manufacturing major JA Solar.

UAE state-owned renewable energy company Masdar signed a US$159 million deal with the World Bank in May for a 250MW solar-plus-storage project in Uzbekistan, following the connection of two PV projects to the country’s grid in March. Masdar also signed a deal with Uzbekistan’s government in 2023 to develop 2GW of solar and wind projects across the country.

The China Energy Engineering Corporation (CEEC) has also extended its operations into Uzbekistan, having commissioned the first 400MW of a planned 1GW solar PV site in January and developing a separate, 240MW site.  

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

August 21, 2025
Canadian Solar shipped 7.9GW of modules in the second quarter of this year, a 14% quarter-on-quarter increase.
August 21, 2025
National Thermal Power Corporation (NTPC), through its renewable energy arm NTPC Green Energy, has commissioned 212.5MW of solar capacity at its 1.25GW Khavda-I project. 
August 21, 2025
Qair has secured a US$5.7 million senior debt facility to finance the development of a 5.8MW floating solar (FPV) project in Seychelles.
August 20, 2025
Blueleaf Energy has signed an MoU with Chemsain Sustainability to explore a portfolio of up to 3GW of solar PV and BESS in Malaysia.
August 20, 2025
The consortium building the Al Sadawi PV power plant in Saudi Arabia has reached financial close on the 2GW project.
August 20, 2025
Silicon Ranch is building a 100MW solar plant in South Carolina that will supply power to Meta's first data centre in the state.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines