- ACWA Power has secured the financial close for the $533 million Tashkent Riverside project in Uzbekistan, featuring a 200MW solar plant and Central Asia’s largest battery energy storage system (BESS). The development includes a 500MWh BESS to stabilize the Uzbek grid. This marks a significant investment in Uzbekistan, ACWA Power’s second-largest market, with a current portfolio of 11.6GW of power, of which 10.1GW is renewable, and the country's first green hydrogen project with a capacity of 3,000 tonnes per year.
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The financing documents were signed with six lenders, including the European Bank for Reconstruction and Development (EBRD), Islamic Development Bank (IsDB), DEG, Proparco, Standard Chartered, and KfW-IPEX Bank, totaling $386 million in debt and covering over two-thirds of the project’s cost. The Tashkent Riverside project supports Uzbekistan’s goal to install 25GW of renewables by 2030 and transition to a low-carbon economy. The BESS will mitigate the intermittency of renewable energy sources, ensuring a reliable electricity supply.
Why it matters
This project underscores Uzbekistan’s ambitious energy goals and ACWA Power's role as a global leader in renewables and energy storage.
