ACWA Power Completes Financial Close for $533 Million Solar and Battery Project in Uzbekistan

Saudi Arabia's ACWA Power Co announced on Monday the successful dry financial close for a USD 533 million project in , combining (PV) and battery storage technologies.

Known as the Tashkent Riverside project, it involves the construction of a 200-megawatt solar farm paired with a 500-megawatt-hour battery system (BESS), touted as the largest of its kind in Central Asia.

ACWA Power secured USD 386 million in debt financing for the project, covering approximately two-thirds of the required investment. The financing agreement was signed with a consortium of six lenders including the European Bank for Reconstruction and Development (EBRD), Islamic Development Bank, DEG, Proparco, Standard Chartered, and KfW-IPEX Bank.

Once operational, the PV-storage complex is expected to provide for around 170,000 homes annually, supporting Uzbekistan's target of reaching 25 gigawatts (GW) of installed renewables by the end of the decade, and achieving a 40% renewable energy balance.

The battery component will play a crucial role in stabilizing the local power grid by storing surplus electricity during periods of high production and releasing it during times of low generation.

ACWA Power currently holds a portfolio of 11.6 GW of power assets in Uzbekistan, with 10.1 GW dedicated to renewables. Earlier this year, the company finalized a power offtake agreement with the National Electric Grid of Uzbekistan for a 5-GW wind project located in the northwestern autonomous region of Karakalpakstan.

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