EBRD Backs $142 Mln Financing for Uzbekistan’s Largest Solar and Battery Project
The European Bank for Reconstruction and Development (EBRD) is extending $142 mln (€121 mln) in financing for two special-purpose vehicles developing Uzbekistan’s largest solar and battery energy storage system to date.
The projects named ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2 are led by Saudi-based ACWA Power, with Japanese partners Sumitomo Corporation, Shikoku Electric Power, and Chubu Electric Power.
Dual Projects in Samarkand and Bukhara
The EBRD’s package includes two secured loans:
- $61 mln for Sazagan Solar 1, developing a 500 MW solar plant and a 668 MWh battery storage system in Samarkand.
- $81 mln for Sazagan Solar 2, creating another 500 MW solar plant and 668 MWh storage system split between Samarkand and Bukhara.
The combined 1 GW of solar and 1,336 MWh of storage will make this the largest renewable installation of its kind in Central Asia, improving grid stability and reducing reliance on fossil fuels.
Expanding Regional Energy Capacity
The projects will be co-financed by the Japan Bank for International Cooperation, Nippon Export and Investment Insurance-covered lenders, the Asian Development Bank, and the Islamic Development Bank. Once operational, they are expected to generate 2,300 GWh of clean electricity annually, enough to power 600,000 households.
The initiative supports Uzbekistan’s goal of achieving 25 GW of solar and wind capacity by 2030, with the EBRD already backing 1.65 GW of wind, 1.4 GW of solar, and over 500 MWh of battery storage across the country.
The EBRD said the new projects will «strengthen Uzbekistan’s transition to renewable energy and improve energy security through large-scale integration of storage technology.»
Kursiv also reports that the Japan Bank for International Cooperation (JBIC) is preparing a joint financing package worth around $1.45 bn to support renewable energy development in Uzbekistan.
