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  • 25-04-23

    ACWA Power to Develop Two Wind Power Plants in Uzbekistan with USD174 Million Loans

    (MENAFN) Saudi Arabia's energy company, ACWA Power, is set to undertake the development of two wind power plants in Uzbekistan, funded by loans of USD174 million from the Asian Development Bank (ADB). The Bash facility will receive USD40.5 million, while USD46.5 million is allocated for the Dzhankeldy development, both of which will be financed by ADB's regular capital resources. According to a statement from the bank, each power station will have 79 wind turbines that will create a total of 3,235 gigawatt-hours of electricity, displacing roughly two million tons of carbon dioxide annually.

    Once completed, Bash and Dzhankeldy will form the largest utility-scale wind power facility in Central West Asia. Suzanna Gaboury, director general for Private Sector Operations at ADB, highlighted that Uzbekistan is one of the fastest-growing economies in Central Asia, and with it comes a growing demand for energy. She further added that Bash and Dzhankeldy are landmark greenfield wind power projects, which have a significant demonstrative impact of private sector participation across the region's energy sector.

    Apart from the wind power plants, the loans from ADB will also be utilized to construct 282.5 kilometers of 500-kilovolt, single-circuit overhead transmission line to connect to the electricity system. ACWA Power, owned by Saudi Arabia's Public Investment Fund, recently signed agreements worth USD2.5 billion with the National Electric Grid of Uzbekistan to develop three solar photovoltaic projects in various regions of the country, including Tashkent, Bukhara, and Samarkand. The contracts also include three battery energy storage systems with a total combined capacity of 1,500 megawatts.

    Uzbekistan is the largest market for ACWA Power's investments outside of Saudi Arabia, as revealed by the company in August 2022. This announcement came after the energy company signed three final agreements with the Central Asian country to establish a power station with a capacity of 1.5GW, with investments amounting to USD2.4 billion. The development of wind and solar power projects in Uzbekistan is expected to reduce its reliance on fossil fuels and promote the use of renewable energy, contributing to the country's sustainable development goals.

    MENAFN25042023000045014228ID1106090622

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