Saudi Arabia's ACWA Power Co has finalized a debt financing agreement with the Bank of China to support a 200-MW solar project with battery storage in Uzbekistan.
ACWA Power announced on Monday that it has signed an equity bridge loan agreement worth USD 80 million (EUR 75.4 million). The funding will be disbursed in two tranches, with 50% in Chinese renminbi and the other 50% in US dollars.
The financing will support ACWA Power's Tashkent project, which includes a complex featuring 200 MW of solar photovoltaic (PV) panels and a 500 MWh battery energy storage system (BESS). This project is part of a larger portfolio totaling 1.4 GW of solar and 1.2 GW of battery storage, for which ACWA signed agreements with the government of Uzbekistan a year ago.
