ACWA Power exchanged documents for USD 1.8 billion project financing agreements for Samarkand Solar & BESS Project

ACWA Power exchanged documents for the USD 1.8 billion project financing agreements with a consortium of leading international banks and equity partners for the Samarkand Solar and Battery Energy Storage Project in Uzbekistan. The agreements were signed alongside project partners Sumitomo Corporation (approx. 20.2%), Chubu Electric Power Co., Inc. (approx.14.4%), and Shikoku Electric Power Co., Inc. (approx.14.4%). The consortium of lenders comprises the Japan Bank for International Cooperation (JBIC), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the Islamic Development Bank (IsDB), and private financial institutions. The portion financed by private financial institutions is covered by Overseas Untied Loan Insurance provided by Nippon Export and Investment Insurance (NEXI). The project, located in Samarkand and Bukhara regions, is being developed under a 25-year Power Purchase Agreement (PPA) with Uzbekistan’s state-owned National Electric Grid of Uzbekistan (NEGU), and will comprise two 500 MW solar photovoltaic plants and two battery energy storage systems (BESS) with a combined capacity of 1,336 MWh. The project also includes over 500 km of 220 kV and 500 kV transmission lines and two new substations that will enhance grid stability and connectivity. Once operational, it will supply clean electricity to approximately 600,000 households, offsetting 1.4 million tonnes of CO₂ emissions annually.