Acwa Power has secured some SAR 1.4 bn (c. USD 373.2 mn) in financing to fund its 200-MW solar PV and battery storage project in Uzbekistan, the renewables giant said in a disclosure to Tadawul. The financing will be provided through a consortium of banks that comprise the European Bank for Reconstruction and Development, Proparco, DEG, Islamic Development Bank, Standard Chartered Bank, and KfW-IPEX Bank. The facility has a 19-year tenor, it said, without giving details on cost.

About the project: Located in Uzbek capital Tashkent, the Riverside Power Station is a SAR 2 bn greenfield independent power project that comprises a 200-MW solar PV and 500MWh battery energy storage system, according to a project profile. The 25-year contract for the project is under the build, own operate and transfer model.

REMEMBER- Acwa has been busy in Uzbekistan: It signed in May a SAR 18.2 bn (c. USD 4.9 bn) power purchase agreement with the National Electric Grid of Uzbekistan (Negu) to develop a new 5 GW wind farm — set to become the largest in Central Asia. The Aral project is the 15th project by Acwa Power in Uzbekistan as the renewable energy utility advances investments in green energy in the Central Asian country. Acwa Power’s total investments to Uzbekistan are estimated at USD 13.9 bn, with the Central Asian country becoming its second largest after Saudi.

AND- Acwa Power can now operate its Kom Ombo solar plant in Egypt: Acwa Power has received a commercial operation certificate for its 200-MW Kom Ombo solar plant, according to a separate disclosure to Tadawul. It expects the project to be reflected in its financial results starting 3Q 2024. The project is Egypt’s largest privately-owned solar plant with long-term loans from multilateral lenders including EBRD, the OPEC Fund for International Development, the African Development Bank, and others.

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