Financing agreements signed for Kungrad Wind and Battery Energy Storage Project in Karakalpakstan

ACWA Power has exchanged documents for USD 100 million green equity bridge financing agreements for the Kungrad 123 Wind and Battery Energy Storage Project in the Republic of Karakalpakstan. This financing was secured from Sumitomo Mitsui Banking Corporation (SMBC) on a shariah-compliant basis and is ACWA Power’s maiden equity bridge facility with SMBC for a project outside the GCC. The project, developed under a Build, Own, Operate, and Transfer (BOO(T)) structure, comprises 1,500 MW of wind capacity and over 300 MWh each of battery energy storage system (BESS) capacity, spread across three co-located wind farms in the Kungrad region. It also includes 1,444 km of 500 kV transmission lines, three new switching stations, and upgrades to two existing ones. Once operational, Kungrad 123 will supply clean energy to 1.6 million households, offset 2.5 million tonnes of CO₂ annually, and reinforce ACWA Power’s role as a key partner in Uzbekistan’s energy transition toward a sustainable, low-carbon future.