Saudi ACWA Power secures financing for Uzbekistan solar plant
In a groundbreaking move, Saudi energy giant ACWA Power Co. has signed financing deals worth SR1.4 billion ($373.1 million) for Tashkent’s Riverside power plant in Uzbekistan, aiming to revolutionize the country’s energy sector.
The state-of-the-art facility is set to generate 200 megawatts of solar photovoltaic energy and store 500 MW per hour using cutting-edge battery technology, with a total cost of SR2 billion.
ACWA Power Riverside Solar Holding Co., the project company, led by ACWA Power, secured the funding from a consortium of development finance institutions, funds, and international commercial lenders on July 1.
Notable lenders include the European Bank for Reconstruction and Development, Proparco, DEG, Islamic Development Bank, Standard Chartered Bank, and KfW IPEX-Bank, highlighting the project’s global significance.
This milestone continues ACWA Power’s strategic investments in Uzbekistan’s power and energy sector. In addition to the Riverside power plant, the company has also inked major agreements for wind power projects in the country, solidifying its commitment to sustainable energy solutions.
The financial impact of these projects is expected to be felt by the first half of 2026, positioning ACWA Power as a key player in Central Asian energy transition.
Looking ahead, ACWA Power is on a mission to expand its global presence to 20 countries and triple its assets to $250 billion by 2030, reflecting the company’s ambitious growth strategy and commitment to environmental sustainability.
With a focus on leading the global energy transition, ACWA Power is set to revolutionize the industry with innovative projects and partnerships, setting a new standard for sustainable energy development.
Stay tuned as ACWA Power continues to make waves in the energy sector, shaping the future of clean energy solutions across the globe.