ACWA Power signs LOI to finance wind power plants in Uzbekistan at SAR 563M

The signing ceremony

ACWA Power Co. signed a letter of intent (LOI) with the Asian Infrastructure Investment Bank (AIIB) to provide a financing line for the Kongrad 1-2-3 wind power plants in Karakalpakstan, Uzbekistan, worth $150 million (SAR 563 million).

In a statement picked by Argaam, ACWA Power noted that the expected financing term is four years, supported by an institutional guarantee provided by ACWA Power.

For more news and details on the projects

The financing covers the three wind stations in Kongrad, with a capacity of 500 megawatts each.

Uzbekistan aims to produce 40% of its electricity from renewable energy sources by 2030. This will include 27 gigawatts (GWs) of renewable energy, including wind and solar photovoltaic (PV) energy.

ACWA Power has a long-term commitment to Uzbekistan, being the company’s second-largest market in terms of investment volume.

The company’s current portfolio in Uzbekistan comprises 11.6 GWs of energy, including 10.1 GWs of renewable energy. This is in addition to the country's first green hydrogen project, with a capacity of 3,000 tons per year.