Acwa power secures financing for Uzbek wind farms: Local renewables energy player Acwa Power inked a letter of intent (LOI) with the Asian Infrastructure Investment Bank (AIIB) for a USD 150 mn (SAR 563 mn) line of credit to bankroll the Kongrad 1-2-3 wind power projects in Karakalpakstan, Uzbekistan, according to a statement picked up by Argaam. The three-year financing agreement covers all three wind farms and is backed by an institutional guarantee from Acwa Power.

REMEMBER- These wind farms are part of a larger joint development agreement Acwa signed with Japan’s Sumitomo Corporation to develop 2.5 GW worth of renewable energy projects and nearly 1 GW worth of battery energy storage systems (BESS) in Uzbekistan valued at USD 4.2 bn. Each wind farm has a 500 MW capacity along with 100 MW of BESS, with commercial operations set to begin in 2Q 2028. The agreement saw Acwa divest 49% of its stake in a group of Uzbek-based renewable energy projects to Sumitomo.

Acwa is doubling down on Uzbekistan: Aside from projects co-owned with Japan’s Sumitomo, Acwa has numerous other projects in its Uzbek green energy portfolio. The company is building a green hydrogen plant in Tashkent that will generate 3k tons of green hydrogen annually during its initial production phase, with a 52 MW wind farm to support the project. Acwa also signed three power purchase agreements totaling USD 2.5 bn in March with the National Electric Grid of Uzbekistan and the country’s Investment, Industry, and Trade Ministry for 1.4 GW worth of solar projects and three BESS units totalling a capacity of 1.5 GWh, among other initiatives in the country.

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