The European Bank for Reconstruction and Development (EBRD) is spearheading Uzbekistan's ambitious renewable energy goals with a significant financial commitment.
EBRD announced it will provide up to US$229.4 million for the development, design, construction, and operation of a 500MWh battery energy storage system (BESS) and a 200MW solar photovoltaic power plant in Uzbekistan's Tashkent region.
The project, facilitated through ACWA Power Riverside Solar, a subsidiary of international energy developer ACWA Power, aims to establish one of the largest battery energy storage projects supported by EBRD in the regions it operates. Financing includes an A-loan of up to US$183.5 million for EBRD's account and a B-loan of up to US$40.5 million syndicated to commercial co-financiers.
Additional financial support will be provided by the German development corporation DEG, French development agency Proparco, the Islamic Development Bank, KfW IPEX-Bank, and Standard Chartered Bank.
Nandita Parshad, Managing Director of EBRD's Sustainable Infrastructure Group, emphasized the significance of the project: “We are proud to partner with ACWA Power and co-financiers on the pioneering Tashkent Solar PV and energy storage project in Uzbekistan, the largest of its kind in Central Asia.”
Once operational, the solar power facility is expected to generate approximately 418GWh of electricity annually, significantly reducing CO2 emissions by more than 230,000 tonnes each year.
