Saudi Arabia's ACWA Power Co announced on Monday the successful dry financial close for a USD 533 million project in Uzbekistan, combining solar photovoltaic (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 energy storage 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 electricity 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.
