ACWA Power Secures USD 226 Million International Financing to Accelerate Uzbekistan’s Renewable Energy and Energy Transition Goals

ACWA Power has secured USD 226 million in financing agreements for the Bash II 300 MW Wind Farm project in Uzbekistan during the 2026 Annual Meeting of the Asian Development Bank (ADB).

The financing agreements were signed with three major international financial institutions, including the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and Standard Chartered Bank. The senior debt financing package accounts for more than two-thirds of the project’s total cost.

The Bash II wind project, located in the Gijduvan District of the Bukhara region in Uzbekistan, is expected to strengthen the country’s renewable energy capacity and support ongoing efforts to diversify its energy mix.

The project builds on the neighboring Bash I wind farm and forms part of a broader renewable energy cluster being developed in the region.

Commenting on the financing milestone, Samir J Serhan said the participation of multiple international lenders reflects growing confidence in Uzbekistan’s power sector reforms and ACWA Power’s execution capabilities in Central Asia.

According to the company, the Bash II wind farm will operate under a 25-year power purchase agreement (PPA) signed with the National Electric Grid of Uzbekistan (NEGU). Commercial operations are expected to begin during the second half of 2027.

Once operational, the 300 MW project is expected to supply electricity to more than 336,000 households while avoiding approximately 475,000 tonnes of carbon dioxide emissions annually.

The project is also expected to contribute toward Uzbekistan’s renewable energy and decarbonization targets for 2030 as the country continues expanding investments in clean energy infrastructure.

ACWA Power stated that the financing package demonstrates strong lender confidence in the project’s economics, Uzbekistan’s evolving energy sector framework, and the company’s growing renewable energy portfolio across Central Asia.

The Saudi-listed company is currently one of the largest private investors in renewable energy, desalination, water infrastructure, and green hydrogen projects across the region.