Skip to content Skip to Search
Skip navigation

Acwa Power secures $174m for Uzbek wind power plants

By Pramod Kumar
Unsplash.com
Bash and Dzhankeldy will be the largest utility-scale wind power development in the Central West Asia region

Saudi-listed Acwa Power Company and the Asian Development Bank (ADB) have signed $174 million worth of loans to develop the Bash and Dzhankeldy wind power plants, both located in the Bukhara region in Uzbekistan. 

The financing comprises loans amounting to $40.5 million for Bash and $46.5 million for the Dzhankeldy, funded through ADB’s ordinary capital resources, the development bank said in a statement.

ADB will also administer $40.5 million for Bash and $46.5 million for Dzhankeldy from Asia’s Private Infrastructure Fund (Leap). 

Each power plant consists of 79 wind turbines that will generate 3,235 gigawatt-hours and displace nearly two million tons of carbon dioxide equivalent a year. 

Together, Bash and Dzhankeldy will be the largest utility-scale wind power development in the Central West Asia region. 

The loans will also fund the construction of 282.5 km of 500-kilovolt, single-circuit overhead transmission to connect to the power grid.

“Uzbekistan is one of the fastest-growing economies in Central Asia and with it comes a growing demand for energy. This brings a unique opportunity to invest in decarbonisation and expansion of renewables in the country’s energy mix,” said ADB director general for private sector operations Suzanne Gaboury. 

Bash and Dzhankeldy are greenfield wind power projects, which have a significant demonstrative impact of private sector participation across the region’s energy sector, she added,

ADB has supported approximately 2,500 megawatts of renewable energy in Uzbekistan since 2019 after the country opened up the sector to private sector participants. The total cost of ADB’s latest collaboration with Acwa is approximately $1.35 billion. 

Parallel lenders include the Deutsche Investitions – und Entwicklungsgesellschaft mbH , European Bank for Reconstruction and Development, Opec Fund for International Development, and Proparco. 

Leap is an ADB-managed fund capitalised with a $1.5 billion commitment by the Japan International Cooperation Agency.  

Bash and Dzhankeldy are special-purpose vehicles owned by Acwa Power. 

Latest articles

Workers stand on a scaffold in Dubai. Building a high rise in the UAE can be as much as two thirds cheaper than in other major cities

Apartments in UAE among cheapest to build in the world

Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […]

Despite challenges to the economy, Kuwait's bank sector remained resilient, the country's central bank says

Kuwait’s economy holds up against challenges, says central bank

Robust spending and “long-due” structural reforms expected to accelerate following “recent political developments” will help Kuwait’s economy overcome some challenges, according to the Central Bank of Kuwait (CBK). Kuwait faced multiple challenges in 2023 in the face of high inflation, rising global interest rates and bubbling geopolitical tensions in the region, according to CBK’s 12th […]

Saudi Arabia data centre

Four-fold boost to Saudi data centres planned

Saudi Arabia plans to boost its data centre capacity four-fold to more than 1,000 megawatts over the next five years, according to one of the country’s leading data centre providers. The current capacity in the kingdom is approximately 250-300MW. Abdullah Al Ghamdi, CEO of Al Moammar Information Systems (MIS), revealed the target in an interview […]

Saudi Vale copper

Saudi-backed Vale plans to increase copper output

Brazilian miner Vale, which is backed by Saudi Arabia’s Public Investment Fund (PIF), aims to increase copper production after conceding that it had lost ground to competitors in its output of the key metal. Vale is a top global iron ore producer but also operates base metal projects including copper and nickel.  In his first […]