{"id":90360,"date":"2024-10-09T00:00:00","date_gmt":"2024-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/09\/aiib-provisionally-agrees-to-extend-wind-farm-financing-for-acwa-power\/"},"modified":"2024-10-09T00:00:00","modified_gmt":"2024-10-09T00:00:00","slug":"aiib-provisionally-agrees-to-extend-wind-farm-financing-for-acwa-power","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/09\/aiib-provisionally-agrees-to-extend-wind-farm-financing-for-acwa-power\/","title":{"rendered":"AIIB provisionally agrees to extend wind farm financing for Acwa Power"},"content":{"rendered":"

Acwa power secures financing for Uzbek wind farms: <\/strong>Local renewables energy player Acwa Power inked a letter of intent (LOI) with the Asian Infrastructure Investment Bank (AIIB)<\/a> 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<\/a>. The three-year financing agreement covers all three wind farms and is backed by an institutional guarantee from Acwa Power.<\/p>\n

REMEMBER- <\/strong>These wind farms are part of a larger joint development agreement<\/a> Acwa signed with Japan\u2019s 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.<\/p>\n

Acwa is doubling down on Uzbekistan:<\/strong> Aside from projects co-owned with Japan\u2019s Sumitomo, Acwa has numerous other projects in its Uzbek green energy portfolio. The company is building a green hydrogen plant<\/a> 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<\/a> in March with the National Electric Grid of Uzbekistan and the country\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

AAIB will extend credit to finance the development of the Kungrad 1, 2, and 3 wind farms in Uzbekistan<\/p>\n","protected":false},"author":1,"featured_media":90361,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[448,57,2425,10],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-acwa-power","tag-debt-watch","tag-energy","tag-enterpriseam-ksa","wpautop","entry"],"acf":{"mongo_id":"9064177f-188d-45ea-946f-4b39df7931d9","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/692.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AIIB provisionally agrees to extend wind farm financing for Acwa Power","related_issue":[90341],"teaser":"AAIB will extend credit to finance the development of the Kungrad 1, 2, and 3 wind farms in Uzbekistan","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.e0321380-662d-47c5-862d-22e57880c4dc.mp3"},"yoast_head":"\nAIIB provisionally agrees to extend wind farm financing for Acwa Power - 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