Saudi Arabia’s ACWA Power has signed a letter of intent with the Asian Infrastructure Investment Bank (AIIB) during the annual meeting of the AIIB Board of Governors in Samarkand.
The leading Saudi operator of power generation has secured $150 million to establish three wind power plants in Uzbekistan.
According to the Tadawul-listed firm, the funding covers three facilities including the Kongrad 1, 2, and 3, with a capacity of 500 megawatts for each.
With a four-year term, ACWA Power will back the financing through an institutional guarantee.
“This announcement marks an important step forward in our commitment to delivering clean, reliable and affordable energy in Uzbekistan,” said Mohammad Abunayyan, Founder and Chairman of ACWA Power.
Abunayyan stated that Kongrad wind projects are anticipated to support Uzbekistan’s energy transition journey.
“We look forward to working with our long-standing partner AIIB to bring this vision to life,” the Chairman added.
Moreover, the partnership perfectly aligns with Uzbekistan’s goals to produce 40% of its overall electricity demand from renewable sources such as wind and solar photovoltaic.
“By enhancing energy efficiency and transitioning to renewable energy resources, these climate mitigation projects support Uzbekistan’s ambitious renewable energy targets and align with AIIB’s commitment to sustainable infrastructure,” Jin Liqun, AIIB’s President, said.
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