Saudi Arabia’s renewable energy giant ACWA Power has secured $226 million in financing to develop a major wind energy project in Uzbekistan, strengthening its footprint in Central Asia’s fast-growing clean energy market.

The funding was provided by three major financial institutions - the Asian Development Bank, the Asian Infrastructure Investment Bank and Standard Chartered Bank - covering more than two-thirds of the total cost of the 300-megawatt Bash II wind farm in southwestern Uzbekistan, The Caspian Post reports via AGBI.

Once completed, the project is expected to begin commercial operations in the second half of 2027, marking a significant step in Uzbekistan’s renewable energy expansion strategy.

The wind farm is projected to power more than 336,000 households and reduce carbon emissions by around 475,000 tonnes annually, supporting Uzbekistan’s long-term clean energy and sustainability targets for 2030.

The project is backed by a 25-year power purchase agreement with the state-owned National Electric Grid of Uzbekistan, ensuring long-term stability for electricity supply and investment returns.

ACWA Power continues to expand aggressively across global renewable markets, managing a portfolio of 110 projects in operation or development, with total assets under management of around $122 billion.

The company is 44% owned by Saudi Arabia’s Public Investment Fund, one of the world’s largest sovereign wealth funds.

Following the announcement, ACWA Power shares on the Saudi Exchange (Tadawul) rose 10%, reflecting strong investor confidence, although the stock remains broadly flat for the year so far.