The International Finance Corporation (IFC) has announced a $240 million Islamic Equity Bridge Loan (EBL) to ACWA Power, directed at expanding Uzbekistan's renewable energy infrastructure.
This financing will fund the development and operation of two major projects: a 1 GW solar power plant and a 668 MW battery energy storage system (BESS), as well as the construction of approximately 500 km of high-voltage transmission lines.
The financing arrangement, based on an Islamic Finance Murabaha structure, includes an A-Loan of up to $227.75 million, supplemented by a $12.25 million trust loan through IFC's Managed Co-Lending Portfolio Program.
This structure is designed to optimize equity returns and support competitive tariffs, enabling ACWA Power to secure further private sector investment. This move aligns with Uzbekistan's goal to achieve 40% renewable energy by 2030.
The project also aims to enhance gender inclusivity within ACWA Power's workforce, promoting a more gender-inclusive environment.
