IFC to allocate $240 mln for Uzbekistan’s green energy

The International Finance Corporation (IFC) will provide a $240 mln loan to Saudi-based ACWA Power to advance green energy in Uzbekistan, IFC’s press service informed Kursiv Uzbekistan.

The loan will fund the construction of a 1 GW solar power plant, transmission lines, and infrastructure development. This project aims to help Uzbekistan reduce greenhouse gas emissions and generate approximately 2,400 GWh of electricity annually.

Of the $240 mln, around $227.8 mln will be allocated in accordance with Islamic finance principles. The remaining amount will come through the IFC’s co-financing programme.

Kursiv Uzbekistan also reports that this summer, ACWA Power sold a third of its shares in Uzbek power plants to a Chinese investor.