EBOR supports Uzbek 200 MW solar power plant and 500 MWh battery storage

The European Bank for Reconstruction and Development (EBRD) is playing a key role in Uzbekistan’s ambitious renewable energy goals by financing a groundbreaking project involving a 200 MW photovoltaic power plant and a 500 MWh battery energy storage system (BESS) in the Tashkent region. The initiative, led by ACWA Power Riverside Solar, marks one of the largest BESS projects supported by the EBRD under its operating economies.

The project aims to significantly contribute to Uzbekistan’s goal of developing up to 25 GW of solar and wind capacity by 2030, which is crucial to increasing the country’s energy security and reducing reliance on carbon-intensive thermal energy production. Once operational, the solar facility is expected to generate around 418 GWh of electricity per year, reducing annual CO2 emissions by over 230,000 tons.

The project financing includes a Loan A of up to USD 183.5 million (EUR 169.8 million) from the EBRD, as well as a Loan B of up to USD 40.5 million (EUR 37.5 million) syndicated to commercial co-financiers. In addition, the EBRD has mobilised EUR 5 million (USD 5.4 million) from Finland under its High Impact Partnership on Climate Action (HIPCA), providing solid financial support for the undertaking.

The main financial partners included the German development corporation DEG, the French development agency Proparco, the Islamic Development Bank, KfW IPEX-Bank and Standard Chartered Bank, who provided parallel loans to support the project.

Nandita Parshad, Managing Director of the EBRD Sustainable Infrastructure Group, highlighted the strategic importance of the Tashkent Solar PV and Energy Storage project, stating: “This project is a cornerstone of Uzbekistan’s drive to install 25 GW of renewable energy by 2030. It not only supports energy security but also accelerates the transition to a low-carbon economy.”

Marco Arcelli, CEO of ACWA Power, shared this view, emphasizing Uzbekistan’s proactive approach in attracting private capital for sustainable growth and decarbonization. “The Tashkent Riverside project reflects strong confidence in ACWA Power as a global leader in renewable energy and energy storage,” he confirmed, emphasizing ACWA Power’s commitment to Uzbekistan’s green energy future.

Uzbekistan remains a key area for EBRD investment in Central Asia, with some €4.7 billion allocated to 162 projects to date, primarily supporting private enterprise and sustainable development initiatives.

This joint effort underscores Uzbekistan’s efforts to achieve its climate goals and strengthen economic resilience through the use of renewable energy infrastructure.

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