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ACWA Power secures $80 million Chinese financing for its Uzbekistan projects

ACWA Power, a Saudi-based energy company, has secured an $80 million equity bridge loan from the Bank of China. The funds will facilitate the development of renewable energy projects in Uzbekistan, notably a 200 MW solar project in close proximity to Tashkent and a 500 MWh battery storage system. This financial agreement builds upon an initial memorandum of understanding signed during the third Belt and Road Forum conference in October 2023.

ACWA Power’s Chief Financial Officer, Abdulhameed Al-Muhaidib, emphasised the significance of this milestone, stressing its connection with Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative.

He said: “We are delighted to deepen our cooperation with Bank of China to bring renewable energy at competitive tariffs to our key markets, including Uzbekistan.”

ACWA Power already boasts a significant presence in Uzbekistan’s energy sector, with ongoing projects including the construction of the 1.5 GW Syrdarya CCGT power plant.

Uzbekistan has ambitious renewable energy targets, aiming to achieve 27 GW of renewable energy capacity by 2030 and derive 40% of its electricity from renewable sources. Currently, the country has   1.1 GW of wind power projects under construction, and, an additional 4.6 GW under development.

Source: Energy Ghana