ACWA Power secures $62m for renewable energy project in Uzbekistan

ACWA Power has successfully closed financing agreements for $62m in senior and subordinated debt to support the 100MW Nukus 1 Wind Project in Uzbekistan.

The announcement was made during the Future Investment Initiative (FII8) in Riyadh.

This significant financing deal will facilitate the development of the Nukus 1 Wind Project, located in the Qorao’zak district of Uzbekistan.

A consortium of international lenders, including the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), and Proparco, will provide the funding for this ambitious project, which has an overall value of $118m.

Commercial operations are expected to commence by the end of 2025.

Marco Arcelli, CEO of ACWA Power, emphasised the project’s importance in advancing Uzbekistan’s energy transition.

“The Nukus 100MW Wind IPP project is a key step in Uzbekistan’s ambitious plan to deploy over 3GW of wind power by the end of this decade,” he stated. He also expressed gratitude to the supporting lenders for their partnership in promoting sustainable development in the country.

Acwa Power gets financing for Azerbaijan project

In a related development, ACWA Power announced $238m in financing for the Absheron-Khizi Wind Farm, a 240MW project in Azerbaijan.

This project represents the first foreign investment-based independent wind power initiative in the country, structured as a public-private partnership.

Expected to begin operations in H1 2026, the Absheron-Khizi plant will provide renewable energy to nearly 300,000 households while reducing carbon emissions by approximately 400,000 tonnes annually.

With 21 projects currently in construction or advanced development throughout Central Asia, ACWA Power is playing a pivotal role in the region’s energy transition and decarbonization efforts.

Uzbekistan remains ACWA Power’s second-largest market, with a robust portfolio that includes 11.4GW of power capacity — 9.9GW of which is renewable — and the nation’s first green hydrogen project, capable of producing 3,000 tonnes per year.

Read: ACWA Power signs deals worth $1.78bn at FII8 in Riyadh