ADB and ACWA Power Sign Deal for Two Utility-Scale Wind Power Plants in Uzbekistan

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

The financing comprises loans amounting to US$40.5 million for Bash and US$46.5 million for the Dzhankeldy funded through ADB’s ordinary capital resources.

ADB will also administer US$40.5 million for Bash and US$46.5 million for Dzhankeldy from the “Leading Asia’s Private Infrastructure Fund” (LEAP), administered by ADB. 

Each power plant consists of 79 wind turbines, for a total of 158 turbines that will generate 3,235 gigawatt-hours and displace nearly 2 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 kilometers 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 decarbonization and expansion of renewables in the country’s energy mix,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “Bash and Dzhankeldy are landmark greenfield wind power projects which have a significant demonstrative impact of private sector participation across the region’s energy sector.”

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 US$1.35 billion. 

Parallel lenders include the Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), European Bank for Reconstruction and Development, OPEC Fund for International Development, and Proparco. 

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