IFC Grants USD 240 Million to ACWA Power for Uzbekistan's RE Expansion
IFC’s USD 240 million loan supports ACWA Power's solar and battery projects in Uzbekistan, expected to reduce CO₂ emissions by 1.3 million tons annually. The project aligns with Uzbekistan’s 2030 goal of 40 percent renewable energy generation.
November 01, 2024. By EI News Network
This financing will aid the construction and operation of a 1 GW solar power plant, a 668 MW Battery Energy Storage System (BESS), and around 500 kilometers of high-voltage transmission lines. The project, expected to generate 2,400 GW hours of electricity annually, aims to cut greenhouse gas emissions by 1.3 million tons of CO2 each year, marking a significant step in Uzbekistan’s clean energy transition.
Founded in Saudi Arabia, ACWA Power is a global leader in sustainable power and water solutions with operations across 13 countries. “Our partnership with IFC underscores the strong confidence multilateral development institutions have in our credit standing and in Saudi Arabian corporates overall,” said Abdulhameed Al Muhaidib, CFO of ACWA Power. He highlighted the project’s role in strengthening ACWA’s position as a global sustainable energy leader.
The financing includes an A-Loan of up to USD 227.75 million and a USD 12.25 million trust loan through IFC’s Managed Co-Lending Portfolio Program. This structure will support ACWA Power’s equity contributions over four years and attract private sector investors, furthering Uzbekistan’s goal of achieving 40 percent renewable energy by 2030.
“This project reflects IFC’s commitment to combating climate change and accelerating clean energy in emerging markets,” stated Laura Vecvagare, IFC’s Regional Head of Industry for Infrastructure. Vecvagare emphasised the importance of South-South investments in advancing sustainable development in emerging economies.
The initiative will also focus on gender inclusivity by increasing the representation of women in ACWA Power’s workforce. IFC’s relationship with ACWA Power dates back to 2011, underscoring their shared commitment to renewable energy and sustainable development.
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