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

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.

  • 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.  

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 12, 2024
Canadian asset owner Brookfield has acquired a majority stake in Indian clean power company Leap Green Energy in a US$200 million equity investment.
July 12, 2024
China started conducting a trade and investment barrier investigation on the measures used in the EU’s Foreign Subsidies Regulation (FAR).
July 12, 2024
Swiss Utility BKW Energie AG has sign a power purchase agreement with food and beverage company Nestlé in Germany.
July 12, 2024
China is building two-thirds of new solar and wind projects globally as it is building 180GW of utility-scale of solar generation capacity.
July 12, 2024
The Pomerantz Law Firm has brought a class action lawsuit against Singapore-headquartered solar manufacturer Maxeon Solar Technologies concerning whether “Maxeon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.”
July 12, 2024
Spanish inverter manufacturer Ingeteam has signed a supply agreement for Enel Green Power Australia’s 93MW Girgarre solar farm.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile