- The EBRD provides $142 million to fund Uzbekistan’s largest solar and battery storage project, which will deliver 1 GW of solar and 1,336 MWh of BESS capacity.
- ACWA Power and its Japanese partners will develop the project to power 600,000 households and advance Uzbekistan’s 25 GW renewable energy target by 2030.
The European Bank for Reconstruction and Development (EBRD) has provided $142 million (€121 million) in financing to two special-purpose vehicles (SPVs) that will build and operate Uzbekistan’s and Central Asia’s largest combined solar and battery energy storage project.
The two SPVs, ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2, will be majority owned by ACWA Power, a Saudi developer and operator of power generation and desalination plants. Sumitomo Corporation, Shikoku Electric Power Company, and Chubu Electric Power Company will co-own the projects, marking their first renewable energy and battery storage investment in Uzbekistan.
The EBRD will provide two senior secured loans. It will lend $61 million (€52 million) to ACWA Power Sazagan Solar 1 to develop, construct and operate a 500 MW solar plant and a 668 MWh battery energy storage system (BESS) in the Samarkand region. It will extend another $81 million (€69 million) to ACWA Power Sazagan Solar 2 to build a 500 MW solar plant in Samarkand and a 668 MWh BESS in Bukhara.
In addition, the Japan Bank for International Cooperation, Nippon Export and Investment Insurance (NEXI)-covered lenders, the Asian Development Bank (ADB), and the Islamic Development Bank (IsDB) will co-finance the project.
The projects will add 1 GW of solar capacity and 1,336 MWh of battery storage to Uzbekistan’s grid, creating the largest integrated renewable energy and storage project in Central Asia. The new systems will strengthen grid reliability, reduce energy intermittency, and deliver power during peak demand.
Furthermore, the initiative advances Uzbekistan’s renewable energy roadmap, which the EBRD supports. The government aims to install 25 GW of solar and wind capacity by 2030. Once completed, the new facilities will generate about 2,300 GWh of clean electricity each year, enough to power more than 600,000 homes.
The EBRD continues to expand its green energy portfolio in Uzbekistan. So far, it has financed 1.65 GW of wind, 1.4 GW of solar, and 334 MW/501 MWh of battery storage capacity in the country. The bank has invested over €5.35 billion across 188 projects to support private sector growth and sustainable development.