The Saudi Arabian developer has reached financial close for the Tashkent Riverside project in Uzbekistan, which includes a 200 MW solar plant and a 500 MWh battery energy storage system (BESS). Contact online >>
The Saudi Arabian developer has reached financial close for the Tashkent Riverside project in Uzbekistan, which includes a 200 MW solar plant and a 500 MWh battery energy storage system (BESS).
Image: pv magazine
Saudi-listed ACWA Power has announced the completion of the dry financial close for the $533 million Tashkent Riverside project in Uzbekistan, near the country''s capital city of Tashkent.
The greenfield development will involve a 200 MW solar plant and a 500 MWh BESS that will serve to stabilize the Uzbek grid. According to project proponents, this will be the largest BESS in Central Asia.
The financing documents were signed with six lenders including the European Bank for Reconstruction and Development (EBRD), Islamic Development Bank, DEG, Proparco, Standard Chartered, and KfW-IPEX Bank.
Total debt from the signing stands at $386 million, making up more than two-thirds of the total cost of the project.
The project will play an instrumental role in achieving Uzbekistan''s ambitious targets to transition to a low-carbon economy as well as diversify its energy sources. By 2030, Uzbekistan is aiming to install 25 GW of renewables and generate 40% of its electricity from renewables.
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Newsolar power plant and a battery energy storage system to be built in Uzbekistan
The European Bank for Reconstruction and Development (EBRD) is contributing to Uzbekistan’s objective of developing up to 25 GW of solar and wind capacity by 2030, by organising a facility of up to US$229.4 million for the development, design, construction and operation of a 500 MWh battery energy storage system (BESS) and a 200 MW solar photovoltaic power plant in the country’s Tashkent region. This is one of the largest EBRD-supported BESS projects in the economies where the Bank operates. The project’s technology will help ensure the safe and reliable connection of intermittent renewables to the power grid.
The financing will be provided to ACWA Power Riverside Solar, a special purpose company fully owned by ACWA Power (an international developer, investor, co-owner and operator of a portfolio of power-generation, desalinated-water-production and green hydrogen plants). It will consist of an A-loan of up to US$ 183.5 million (€169.8 million) for the EBRD’s account and a B-loan of up to US$40.5 million (€37.5 million) to be syndicated to commercial co-financiers. The EBRD is also mobilising concessional finance of up to €5 million (US$ 5.4 million) from Finland under the EBRD’s High Impact Partnership on Climate Action (HIPCA).
Parallel loans for the project will be provided by the German development corporation DEG, the French development agency Proparco, the Islamic Development Bank, KfW IPEX-Bank and Standard Chartered Bank.
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