Saudi energy giant ACWA Power Co. has signed financing deals worth SR1.4 billion ($373.1 million) for the Riverside power plant in Tashkent, Uzbekistan. The plant aims to generate 200 megawatts of solar photovoltaic energy and store 500 MW per hour using batteries, with a total project cost of SR2 billion. The agreements were secured by ACWA Power Riverside Solar Holding Co., fully owned by ACWA Power, from a consortium including the European Bank for Reconstruction and Development, Proparco, DEG, Islamic Development Bank, Standard Chartered Bank, and KfW IPEX-Bank.
ACWA Power has been actively investing in Uzbekistan’s energy sector. In May, it signed an SR18.2 billion power purchase agreement with the National Electric Grid of Uzbekistan for a 5-gigawatt wind power project. Additionally, in March, ACWA Power secured an SR985.13 million agreement for the Nukus2 200-MW wind project. These investments align with ACWA Power’s strategy to expand its global footprint to 20 countries and triple its assets to $250 billion by 2030, emphasizing its role in the global energy transition.