ACWA Power pens financing documents for $533mln power plant in Uzbekistan

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Riyadh – ACWA Power Company has signed the financing documents for the 200 megawatts (MW) photovoltaic and 500 MW/hour (MWh) Battery Storage Riverside Tashkent Power Plant in Tashkent region in Uzbekistan.

The project is implemented by total investment of SAR 2 billion, according to a bourse filing.

ACWA Power company inked the financing agreements with the project company, where ACWA Power’s effective shareholding is 100%.

Secured on 1 July 2024, the financing has a duration of around 19 years.

The financing was provided by a consortium of European Bank for Reconstruction and Development (EBRD), Proparco, German Investment Corporation (DEG), Islamic Development Bank (IsDB), Standard Chartered Bank, KfW-IPEX Bank.

In June, ACWA Power company signed three power purchase agreements (PPAs) with Saudi Power Procurement Company (SPPC) and Saudi Aramco Power Company, a wholly owned subsidiary of Saudi Arabian Oil Company (Aramco), for three large-scale solar photovoltaic (PV) plants.