ACWA Power has secured a USD240 million Islamic Equity bridge loan (EBL) from the International Finance Corporation (IFC) to support the expansion of renewable energy in Uzbekistan.
The financing will be used for the construction and operation of two projects with a combined capacity of a 1 GW solar photovoltaic plant, a 668 MW battery energy storage system (BESS), and approximately 500 km of high-voltage transmission lines. These projects are expected to aid Uzbekistan’s clean energy transition by reducing greenhouse gas emissions by an estimated 1.3 million tonnes of carbon annually and generating approximately 2,400 gigawatt-hours of electricity each year. The financing is structured as an Islamic finance murabaha, including an a-loan of up to USD227.75 million and a USD12.25 million trust loan through IFC’s managed co-lending portfolio program.
