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Jeddah - Yasmine El Tohamy - RIYADH: Saudi energy giant ACWA Power Co. has signed financing deals worth SR1.4 billion ($373.1 million) for Tashkent’s Riverside power plant in Uzbekistan, according to a statement on Tadawul.
The facility aims to generate 200 megawatts of solar photovoltaic energy and store 500 MW per hour using batteries, with a total cost of SR2 billion.
The financing agreements were signed by ACWA Power Riverside Solar Holding Co., the project company, in which ACWA Power holds full effective shareholding.
The Saudi utility firm explained that the funding was secured on July 1 from a consortium of development finance institutions, funds, and international commercial lenders.
The lenders included the European Bank for Reconstruction and Development, Proparco, DEG, Islamic Development Bank, as well as Standard Chartered Bank, and KfW IPEX-Bank.
ACWA Power has been a major investor in the Uzbek power and energy sector. In May, the company signed an SR18.2 billion power purchase agreement with the National Electric Grid of Uzbekistan for the Aral 5-gigawatt wind power project.
The energy giant will construct, own, operate, and ultimately transfer the wind farm in Uzbekistan under a 25-year contract.
In March this year, ACWA Power secured an SR985.13 million power purchase agreement with Uzbekistan’s National Electric Grid for the Nukus2 200-MW wind project.
This public-private partnership encompassed a battery energy storage system and follows ACWA Power’s build, own, operate, and transfer model.
The project’s financial impact is anticipated by the first half of 2026, marking a key milestone in ACWA Power’s Central Asian expansion.
These investments come as the company is aiming to lead the global energy transition, expanding to 20 countries and tripling its assets to $250 billion by 2030.
In an interview with Arab News in February, the company’s vice chairman, and managing director shared insights into the firm’s strategic objectives to enhance its international presence, emphasizing the role of Saudi Arabia’s homegrown companies in energy transition.
Raad Al-Saady affirmed that the company is on course to grow its assets from $85 billion to $250 billion by 2030.
He added that the firm aims to achieve its goal by averaging $20 billion to $30 billion in assets under management annually from now until 2030.
The Saudi company, which currently operates in 12 countries across the Middle East, Africa and Central Asia as well as South-East Asia, is planning to expand its global footprint to 20 nations in the coming years, as stated by Al-Saady.
ACWA Power, a Saudi-listed company founded in Riyadh in 2004, is a global leader in private water desalination and a pioneer in green hydrogen.
According to the World Economic Forum, it manages a portfolio of 77 projects valued at SR310.5 billion, capable of generating 53.69 GW of power and producing 7.64 million m3/day of desalinated water.
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