ACWA Power secures $240 million IFC loan for Uzbekistan’s RE projects

ACWA Power has obtained a $240 million Islamic Equity Bridge Loan (EBL) from the International Finance Corporation (IFC) to support renewable energy initiatives in Uzbekistan. 

The financing will facilitate the construction and operation of two projects: a 1 GW solar photovoltaic plant and a 668 MW battery energy storage system (BESS), along with approximately 500 km of high-voltage transmission lines. 

These projects aim to reduce Uzbekistan’s greenhouse gas emissions by an estimated 1.3 million tonnes annually and generate about 2,400 gigawatt-hours of electricity each year. 

The financing is structured as an Islamic finance murabaha, comprising an A-loan of up to $227.75 million and a $12.25 million trust loan through IFC’s managed co-lending portfolio program.