EBRD is providing $142 million in financing for 1 GW solar PV and 1.336 GWh BESS projects in Uzbekistan
The ACWA Power-led facilities in Samarkand and Bukhara will include 500 MW solar and 668 MWh BESS each
Japanese partners Sumitomo, Shikoku Electric, and Chubu Electric are co-owners of the facilities
The European Bank for Reconstruction and Development (EBRD) has announced financial backing for 1 GW solar PV and 1.336 GWh of battery energy storage system (BESS) capacity in Uzbekistan, majority owned by Saudi Arabia’s ACWA Power.
Of the total $142 million that the bank has committed, $61 million will support the development, construction, and operation of the ACWA Power Sazagan Solar 1 Project with 500 MW solar PV and 668 MWh of BESS capacity in the Samarkand region.
The remaining $81 million will support the ACWA Power Sazagan Solar 2 facility with 500 MW solar PV capacity in Samarkand and 668 MWh BESS in the Bukhara region.
Together, these facilities represent what is expected to be the largest combined solar and storage capacity in Uzbekistan and Central Asia.
“This unprecedented deployment of BESS capacity will help the grid to mitigate the intermittency of renewable energy sources. The BESS technology will improve grid reliability and flexibility by making additional energy capacity available during periods of peak demand,” stated EBRD.
Alongside ACWA Power, these facilities will be co-owned by Sumitomo Corporation, Shikoku Electric Power Company, and Chubu Electric Power Company of Japan. Last year, ACWA Power and Sumitomo announced cooperation for these facilities while aiming for their commercial operations by Q2 2027 (see ACWA Power & Sumitomo Corporation Partner For Uzbek Projects).
Japan Bank for International Cooperation, Nippon Export and Investment Insurance, Asian Development Bank, and Islamic Development Bank are expected to be the other financiers for this project.
Uzbekistan aims to install 25 GW of solar and wind energy capacity by 2030, which will be enough to generate around 2,300 GWh of electricity annually, as per the EBRD. At the end of 2024, the country had installed 2.27 GW of solar PV capacity, according to the International Renewable Energy Agency (IRENA).
The country’s current share of renewable energy sources in electricity generation is 23%, which it plans to raise to 54% by the end of this decade.