ACWA Power secures debt funding for Uzbek, Azeri wind projects

Saudi renewables developer ACWA Power Co (TADAWUL:2082) has achieved financial closing for USD 62 million (EUR 57.1m) worth of debt supporting its 100-MW Nukus 1 wind project in Uzbekistan and arranged additional funding for a 240-MW wind scheme in Azerbaijan.

The transaction related to senior and subordinated debt in Uzbekistan was closed during the ongoing Future Investment Initiative (FII8) in Riyadh. The financing for the USD-118-million project will be extended by a lending consortium comprising the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), and French Proparco.

To be located in the Republic of Uzbekistan’s Qorao’zak district, the Nukus 1 plant is expected to be commissioned by end-2025. The wind farm, the construction of which was launched in early 2022, will be run under a 25-year power purchase agreement (PPA) with JSC National Electric Grid of Uzbekistan (NEGU).

Meanwhile in Azerbaijan, ACWA Power has clinched deals to receive USD 238 million in debt for its 240-MW Absheron-Khizi wind project from the EBRD and the OPEC Fund for International Development (the OPEC Fund). The company expects this plant to produce electricity for almost 300,000 homes once switched on in the first half of 2026. Its output will be sold under a 25-year PPA with national electrical power company Azerenerji.

(USD 1.0 = EUR 0.921)

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