Saudi renewables developer ACWA Power Co has successfully achieved financial closure on USD 62 million (EUR 57.1 million) in debt to support its 100-MW Nukus 1 wind project in Uzbekistan.
The financing was arranged during the ongoing Future Investment Initiative (FII8) in Riyadh and involves both senior and subordinated debt provided by a consortium that includes the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), and French Proparco.
Located in Uzbekistan’s Qorao’zak district, the Nukus 1 wind farm is scheduled to be commissioned by the end of 2025. The project, which began construction in early 2022, will operate under a 25-year power purchase agreement (PPA) with JSC National Electric Grid of Uzbekistan (NEGU).
In addition, ACWA Power has secured USD 238 million in debt for its 240-MW Absheron-Khizi wind project in Azerbaijan. This financing has been arranged through partnerships with the EBRD and the OPEC Fund for International Development.
Once operational in the first half of 2026, the Absheron-Khizi project is expected to supply electricity to nearly 300,000 homes, with its output sold under a 25-year PPA with the national electricity company, Azerenerji.
