EBOR supports the 500MWh BESS photovoltaic project

Financing will be provided through a Loan A facility of up to $183.5 million and a Loan B facility of up to $40.5 million, with support from commercial co-financiers.

Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, said: “We are proud to be working with ACWA Power and the co-financiers on the pioneering Tashkent Solar PV and energy storage project in Uzbekistan, the largest of its kind in Central Asia. This project is key to Uzbekistan’s ambition to install 25 GW of renewable energy by 2030.”

In Uzbekistan alone, the EBRD has invested over USD 5.1 billion (EUR 4.7 billion) in 162 projects to date. It has been the leading recipient of EBRD financing in the Central Asia region for the past four years.

In March 2023, ACWA Power signed power purchase agreements (PPAs) with national grid operator JSC Uzbek National Electricity Grids for 1.4 GW of photovoltaic power and 1.2 GW of energy storage. These investments will be financed by the Uzbek government through the Ministry of Investment, Industry and Trade.

Uzbekistan and the entire Central Asian region have received significant foreign investment in their energy sector, especially from the Middle East and China.