The EBRD has signed a financing package that will support the development of two large-scale solar-plus-storage projects in Uzbekistan.
The funding is being split between two special purpose vehicles – ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2 – that are each majority owned by Saudi developer ACWA Power and will be co-owned by Japanese investors Sumitomo Corp., Shikoku Electric Power Co., and Chubu Electric Power Co.
ACWA Power Sazagan Solar 1 will receive a loan of $61 million for the development, construction and operation of a 500 MW solar plant alongside 668 MWh of battery energy storage in the Samarkand region of central Uzbekistan.
Meanwhile, an $81 million loan is being provided to ACWA Power Sazagan Solar 2 for the development, construction and operation of a 500 MW solar plant in the Samarkand region and a 668 MWh BESS in Uzbekistan’s neighboring Bukhara region.
When combined, the 1 GW of solar and 1.34 GWh of battery energy storage will be the largest solar-plus-storage facility in Uzbekistan and the wider region, EBRD says. The bank’s statement adds that the battery energy storage technology will improve grid reliability and flexibility by making additional energy capacity available during periods of peak demand.
The projects are expected to be co-financed by the Asian Development Bank, Islamic Development Bank, the Japan Bank for International Cooperation and Nippon Export and Investment Insurance covered lenders.
EBRD says it has invested €5.35 billion ($6.2 billion) in Uzbekistan to date across 188 projects, including projects that encompass 1.4 GW of solar capacity, 334 MW/501 MWh of battery energy storage and 1.65 GW of wind capacity.
Uzbekistan’s cumulative solar capacity stood at 2,275 MW at the end of 2024, up from 475 MW at the end of the year prior, according to figures from the International Renewable Energy Agency (IRENA).
The government of Uzbekistan is aiming to deploy 25 GW of solar and wind energy by 2030.
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