Photo: uzreport.news
Saudi Arabian company ACWA Power has secured a $280 million loan to finance the “Nukus-2” project, which will see the construction of a wind power plant (WPP) and related infrastructure in Karakalpakstan, a sovereign republic within Uzbekistan. The news was reported by Spot.uz, citing the Saudi corporation’s press service.
The project financing agreement was signed by several organizations. In addition to ACWA Power, the Asian Development Bank, Saudi Exim Bank, the Asian Infrastructure Investment Bank, the Dutch entrepreneurial development bank (FMO), and Standard Chartered Bank will also be involved in the construction of the WPP. The document was officially endorsed during the Tashkent International Investment Forum.
The Nukus-2 project envisions the development of a 200-megawatt wind power plant, along with a 100-megawatt battery energy storage system.
According to media reports, the agreement between Uzbekistan and ACWA Power to build the facility in Karakalpakstan was originally signed in March 2024. The Saudi company was designated as the primary contractor, with the European Bank for Reconstruction and Development acting as a co-investor. At that time, the total value of the public-private partnership project was estimated at $262.6 million.
The Saudi corporation plays a significant role in advancing green energy in Uzbekistan. Just a few days ago, the press service of the Bukhara regional government announced that ACWA Power had launched a wind power plant in Gijduvan District. That project, valued at $650 million, is expected to generate up to 1.8 billion kilowatt-hours of electricity annually.
Earlier, ACWA Power’s Chief Financial Officer for Uzbekistan, Sumendra Raut, said the company plans to sign a new agreement with the Uzbek government to implement additional projects worth $5 billion.
He added that ACWA Power’s total investments in Uzbekistan have now reached $15 billion. The collaboration currently includes 19 initiatives, 18 of which are related to renewable energy.
