EBRD arranges loans for 1 GW of wind projects in Uzbekistan

The European Bank for Reconstruction and Development (EBRD) said on Tuesday that it has arranged two syndicated loans worth a total of USD 520 million (EUR 492.9m) to support a pair of wind power projects that Saudi Arabia’s ACWA Power Co (TADAWUL:2082) is promoting in Uzbekistan.

The Saudi water and energy sector investor will use the funds to build the Bash Wind and the Dzhankeldy wind farms in the Bukhara region, each with 500 MW of installed capacity.

Bash Wind will benefit from a loan of USD 277 million, consisting of an A loan of USD 150 million on the EBRD’s own account and a B loan of USD 127 million syndicated to commercial lenders.

A USD-243-million loan to the Dzhankeldy project will consist of an A loan of USD 150 million on the EBRD’s account, with the remaining USD 93 million syndicated to commercial banks, the EBRD said.

Co-financing will be provided by German development finance institution DEG, French Development Agency Proparco, Standard Chartered Bank and other banks.

ACWA Power owns the projects through special purpose companies Bash Wind and Dzhankeldy Wind. Together, the two new wind farms will be capable of generating some 3,200 GWh of electricity per year and contribute to Uzbekistan’s climate and energy goals, the bank added.

(USD 1.0 = EUR 0.948)

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