The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Uzbekistan: European Bank for Reconstruction and Development supports solar PV project with 500MWh BESS

LinkedIn
Twitter
Reddit
Facebook
Email

The European Bank for Reconstruction and Development (EBRD) will provide up to US$229.4 million to ACWA Power to develop a 200MW/500MWh solar-plus-storage project in Uzbekistan.

Due to be built in the eastern Tashkent region, the projects are owned by ACWA Power Riverside Solar, a special-purpose company owned by Saudi energy giant ACWA Power. It forms part of Uzbekistan’s professed target of developing 25GW of solar and wind generation capacity by 2030.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The financing will be delivered through an A-loan of up to US$183.5 million and a B-loan of up to US$40.5 million, supported by commercial co-financiers.

Nandita Parshad, managing director of the EBRD’s sustainable infrastructure group, said: “We are proud to partner with ACWA Power and co-financiers on the pioneering Tashkent Solar PV and energy storage project in Uzbekistan, the largest of its kind in Central Asia. The project is core to Uzbekistan’s ambition to install 25GW of renewables by 2030.”

The EBRD has invested over US$5.1 billion (€4.7 billion) in 162 projects in Uzbekistan alone to date; it has been the leading recipient of EBRD funding in the Central Asia region for the last four years.

ACWA Power signed power purchase agreements (PPAs) in March 2023 with national grid operator JSC Uzbek National Electricity Grids for 1.4GW of solar PV and 1.2GW of energy storage, which the government of Uzbekistan would finance via the Ministry of Investment, Industry and Trade.

Uzbekistan and the wider Central Asia region has received significant foreign investment in its energy sector, particularly from the Middle East and China.

Read Next

July 12, 2024
Emerging energy storage markets across Asia face a similar learning curve today as their maturing counterparts have done in the past.
July 11, 2024
India’s cumulative battery energy storage system (BESS) installations stood at 219.1MWh at the end of March 2024, according to Mercom India.
July 10, 2024
A 150MW BESS at the flagship Cleve Hill solar and storage project in the UK can now go ahead after its refusal by the local council was successfully appealed.
July 10, 2024
Independent power producer (IPP) Grenergy has reached financial close on phase one and two of its Oasis de Atacama BESS and solar project in Chile, which will eventually reach 4.1GWh.
July 10, 2024
Queensland Hydro has launched a public consultation phase for its 2GW Borumba Pumped Hydro Project in Australia.

Most Popular

Email Newsletter