EBRD Considers Loan for ACWA's Gigawatt-Scale Solar-Storage Projects in Uzbekistan

The European Bank for Reconstruction and Development (EBRD) is considering a loan of USD 145 million (EUR 137.7 million) to support two solar projects in Uzbekistan, totaling 1,000 MW, along with 1,000 MWh of energy storage. These projects are being developed by ACWA Power Co.

If approved, the loans will go to an ACWA unit for the Sazagan 1 and 2 projects in Samarkand, each featuring 500 MW of solar photovoltaic (PV) capacity and 500-MWh battery energy storage systems (BESSs). The two initiatives are described as among the largest in Central Asia.

The EBRD is considering a long-term, senior loan up to USD 70 million for Sazagan 1 and USD 75 million for Sazagan 2. The estimated cost of the projects is USD 770 million and USD 990 million, respectively. ACWA Power will act as the sponsor for the projects, while Sumitomo Corporation will be a co-sponsor.

In 2024, ACWA and Sumitomo sealed a joint development agreement to develop 2.5 GW of renewable energy projects with 968 MW of battery storage in Uzbekistan, representing a combined investment of USD 4.2 billion.

In October, the Saudi firm clinched four project financing and investment deals worth USD 1.78 billion related to its global renewable energy portfolio, including the Uzbek projects and another one in Morocco.

(USD 1 = EUR 0.950)