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Saudi utility developer ACWA Power has signed $2.36 billion worth of financing and partnership agreements at the Future Investment Initiative (FII9) in Riyadh to support its renewable energy and storage projects in Central Asia.
Kungrad Wind and Battery Project
ACWA Power exchanged documents for a $100 million green equity bridge financing agreement with Sumitomo Mitsui Banking Corporation (SMBC) for the Kungrad 123 Wind and Battery Energy Storage Project in the Republic of Karakalpakstan in Uzbekistan. The facility, structured on a Shariah-compliant basis, marks ACWA Power’s first equity bridge loan with SMBC outside the GCC.
The 1,500 MW wind and 300+ MWh battery project, developed under a Build-Own-Operate-Transfer (BOOT) model, spans three co-located wind farms with 1,444 km of transmission lines and five switching stations. Once operational, it will power 1.6 million homes and cut 2.5 million tonnes of CO2 emissions annually.
Separately, ACWA Power signed a $100 million Export Bridge Loan (EBL) with SMBC—its first such facility outside the GCC—to support the broader 1.5 GW Kungrad Wind Power Project.
Samarkand Solar and Battery Energy Storage Project
The company also signed $1.8 billion in project financing for the Samarkand Solar and Battery Energy Storage Project, Uzbekistan’s largest solar project to date. ACWA Power’s partners include Sumitomo Corporation (20.2 percent), Chubu Electric Power Co. (14.4 percent), and Shikoku Electric Power Co. (14.4 percent).
The financing consortium comprises the Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Islamic Development Bank (IsDB), and private lenders backed by Nippon Export and Investment Insurance (NEXI).
Developed under a 25-year Power Purchase Agreement (PPA) with Uzbekistan’s National Electric Grid (NEGU), the project includes two 500 MW solar plants and two battery systems totalling 1,336 MWh, along with 500 km of new transmission lines and two substations. It will deliver clean power to 600,000 households and offset 1.4 million tonnes of CO2 annually.
Bash 2 Wind Project
ACWA Power confirmed progress on the 300 MW Bash 2 Wind Project in Uzbekistan’s Bukhara region, appointing Larsen & Toubro (L&T) as the preferred EPC contractor. Valued at $360 million, the project will install 39 wind turbines and associated grid infrastructure under a 25-year PPA with NEGU. The facility will provide power to 438,000 households and displace 630,000 tonnes of CO2 emissions each year.
Karatau Wind Project and Export Bridge Loan
The company also announced the commercial commissioning of the 100 MW Karatau Wind Project in Karakalpakstan, featuring 16 Envision Energy turbines, a 15.4 km transmission line, and a 220 kV substation.
These agreements form part of $10 billion worth of financing deals secured by ACWA Power covering the GCC, China, Central Asia, and Africa.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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