ACWA Power Secures $533 Million in Financing for Tashkent Riverside Project in Uzbekistan

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ACWA Power has completed the dry financial close for the Tashkent Riverside project for a value of $533 million in Uzbekistan. This project includes a 200 MW solar photovoltaic facility and a 500 MWh battery energy storage system (BESS) to enhance the stability of Uzbekistan’s power grid. Furthermore, six lenders have signed financing agreements, including EBRD, IsDB, DEG, Proparco, Standard Chartered, and KfW-IPEX Bank. The total debt financing amounts to $386 million. This funding covers more than two-third of the total cost of the project.

The country aims to generate 40 per cent of its electricity from renewable sources by 2030. This project is crucial for Uzbekistan’s goals of transitioning to a low-carbon economy and diversifying its energy sources. Additionally, the BESS will address the intermittency issues associated with renewable energy by storing excess electricity during high production periods and releasing it when production is low. This will ensure a steady and reliable power supply to meet Uzbekistan’s growing energy demands.

In June 2024, ACWA Power signed a MoU with the Tunisian Government represented by the Ministry of Industry, Mines and Energy to explore the potential for a green hydrogen project. The project aims to produce up to 600,000 tonnes per year of green hydrogen in three phases, for export to Europe.

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