ACWA
Power has achieved financial closure for the USD533 million Tashkent Riverside
project in Uzbekistan, which includes a 200MW solar plant and Central Asia’s
largest battery energy storage system (BESS). This development will feature a
500MWh BESS aimed at stabilizing Uzbekistan’s grid. Uzbekistan represents ACWA
Power’s second-largest market for investments.
ACWA
Power's current portfolio in Uzbekistan comprises 11.6GW of power generation
capacity, with 10.1GW coming from renewable sources. Additionally, the company
is advancing Uzbekistan's first green hydrogen project with an annual capacity
of 3,000 tonnes. Financing for the Tashkent Riverside project involved
agreements with six lenders, including the European Bank for Reconstruction and
Development (EBRD), Islamic Development Bank (IsDB), DEG, Proparco, Standard
Chartered, and KfW-IPEX Bank. These agreements secure USD386 million in debt,
covering more than two-thirds of the project's total cost. The project is
pivotal to Uzbekistan’s ambition of achieving 25GW of renewable energy capacity
by 2030.
Marco
Arcelli, CEO of ACWA Power, stated, “In a world that seeks greater private
capital participation in emerging markets for growth and decarbonisation,
Uzbekistan exemplifies this vision. The Tashkent Riverside project reflects
strong trust in ACWA Power as a private sector partner and a global leader in
renewables and energy storage.” Nandita Parshad, MD of the Sustainable
Infrastructure Group at EBRD, said, “This project is key to Uzbekistan’s goal
of installing 25GW of renewables by 2030, and it can power 170,000 households
with battery storage capacity equivalent to 8,000 electric vehicles.”
The
project aligns with Uzbekistan’s ambitious objectives to shift towards a
low-carbon economy and broaden its energy mix. By 2030, Uzbekistan targets
generating 40% of its electricity from renewable sources. The BESS will play a
crucial role in mitigating the variability of renewable energy sources,
ensuring a dependable electricity supply to meet the increasing demand in
Uzbekistan.
ACWA
Power has solidified its position in Uzbekistan as the second-largest market
for investments, showcasing the company's enduring commitment to the country.
ACWA Power's current portfolio in Uzbekistan includes 11.6GW of power
generation capacity, with 10.1GW sourced from renewable energy. Additionally,
the company is advancing Uzbekistan's inaugural green hydrogen project,
boasting an annual capacity of 3,000 tons.
Recently,
ACWA Power secured a significant milestone by signing a monumental USD4.85
billion power purchase agreement (PPA) with the National Electric Grid of
Uzbekistan. This agreement pertains to the Aral 5GW Wind Independent Power
Producer (IPP) project, set to become Central Asia's largest wind farm, located
in the Karakalpakstan region.