The European Bank for Reconstruction and Development (EBRD) said on Tuesday it will provide $142 million (€121 million) to support Central Asia’s largest combined solar and battery energy storage project in Uzbekistan.
The financing will be directed to two special-purpose vehicles primarily owned by ACWA Power and its Japanese partners Sumitomo Corporation, Shikoku Electric Power Company, and Chubu Electric Power Company.
The projects – ACWA Power Sazagan Solar 1 and Sazagan Solar 2 – will develop a total of 1 gigawatt (GW) of solar generation and 1,336 megawatt-hours (MWh) of battery storage across the Samarkand and Bukhara regions.
The first loan of $61 million (€52 million) will fund a 500 MW solar plant and 668 MWh battery in Samarkand, while the second loan of $81 million (€69 million) will support a 500 MW solar facility in Samarkand and a 668 MWh battery in Bukhara.
“The combined capacity will help stabilise the grid and supply stored energy during peak demand periods,” the EBRD said, highlighting the project’s role in enhancing Uzbekistan’s renewable energy infrastructure.
The initiative is expected to attract additional co-financing from the Japan Bank for International Cooperation, lenders covered by Nippon Export and Investment Insurance, the Asian Development Bank, and the Islamic Development Bank.
Once operational, the Sazagan projects will generate roughly 2,300 gigawatt-hours of electricity annually, enough to power about 600,000 homes, contributing to Uzbekistan’s 25 GW renewable energy target by 2030.
The EBRD has previously supported 1.65 GW of wind, 1.4 GW of solar, and 334 MW/501 MWh of battery storage in Uzbekistan, with total investments exceeding €5.35 billion across 188 projects.
