en.Wedoany.com Reported - The Asian Development Bank and ACWA Power have officially signed a $116 million financing agreement for the development, construction, operation, and transfer of a 300 MW wind power project in the Bukhara region. This funding will accelerate Uzbekistan's transition to renewable energy. The financing structure includes a $50 million loan from ADB's ordinary capital resources, $41 million mobilized from commercial sources with ADB acting as mandated lead arranger and bookrunner, and $25 million from the Leading Asia's Private Infrastructure Fund 2 (LEAP 2).
The plant, named Bash 2, is a continuation of the Bash wind power project co-financed by ADB in 2023. Plans indicate it will install 39 wind turbines with individual capacities of up to 8 MW, construct a new 35/500 kV substation, and erect approximately 1.5 kilometers of overhead transmission lines to connect to the national grid. Isabelle Chatterton, Director General of ADB's Private Sector Operations Department, noted: "ADB's interconnected approach is helping Uzbekistan build resilience across energy, food, water, ecosystems, and communities. The Bash 2 wind power project expands Uzbekistan's clean energy capacity, supports grid stability, reduces carbon emissions, and creates quality jobs."
Abdulhameed Al-Muhaidib, Chief Financial Officer of ACWA Power, stated: "Bash 2 represents a significant step in ACWA Power's expanding partnership with Uzbekistan and towards achieving the country's energy transition goals. It underscores the advantages of well-structured public-private partnerships in efficiently mobilizing capital to deliver reliable, cost-competitive clean power at scale." The project is expected to generate at least 800 jobs during the construction phase and retain over 25 permanent positions once operational, while also implementing measures to increase women's participation in the renewable energy sector and arranging wind farm technical site visits for female students and graduates.
ACWA Power is a global large-scale private water desalination company with a presence in energy transition and green hydrogen, operating across 15 countries. ADB has previously provided funding for several of the company's projects in Uzbekistan, including the Bash and Dzhankeldy wind power projects, each with a capacity of 500 MW, the Nukus 2 wind power with battery energy storage project, and the Samarkand solar photovoltaic and battery energy storage project. The LEAP 2 fund was established with $1.5 billion in funding from the Japan International Cooperation Agency and is managed by ADB, specifically investing in private infrastructure that can reduce carbon emissions, improve energy efficiency, and enhance healthcare, education, and communication services.
ADB is a multilateral development bank founded in 1966, with 69 members, dedicated to promoting sustainable and inclusive growth in the Asia-Pacific region.
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