Financial close reached for 200 MW Solar & 500 MWh BESS project in Uzbekistan

ACWA Power has reached a financial close for the US$533 million 200 MW solar plant and a 500 MWh Battery Energy Storage System (BESS) project in Tashkent, Uzbekistan.

The financing agreements were signed with six lenders: the European Bank for Reconstruction and Development (EBRD), Islamic Development Bank, DEG, Proparco, Standard Chartered, and KfW-IPEX Bank. The total debt from these agreements amounts to US$386 million, covering over two-thirds of the project's total cost.

This project can power 170,000 households and the battery storage capacity is equivalent to 8000 electric vehicles. The BESS will help address the intermittency issues of renewable energy by storing surplus electricity generated during high production and releasing it during periods of low production. This system will ensure a stable and reliable electricity supply to the grid, aiding in meeting Uzbekistan's growing energy demand.