EBRD mulls loan for 20-MW green H2 project in Uzbekistan

European Bank for Reconstruction and Development (EBRD) is considering extending up to USD 58.2 million (EUR 53.8m) in debt to ACWA Power Co (TADAWUL:2082) for the construction of a 20-MW hydrogen plant in the Tashkent region of Uzbekistan.

The funding, planned to come in the form of a senior secured loan, is scheduled to be approved on March 6, the lender said in a disclosure on Monday.

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Proceeds from the loan will go to finance the ongoing installation of an electrolyser facility in the city of Chirchiq, which will be supplied with electricity from a 52-MW wind farm in the Bukhara region of Uzbekistan. Once in operation, the hydrogen plant will be able to produce around 3,000 tonnes of green ammonia annually to replace natural gas in the chemicals industry.

The total required investment in the project is estimated at EUR 95.4 million. The plan was launched by Acwa Power UKS Green H2 LLC JV, a project vehicle held by Acwa Power and Uzbek chemicals group UzKimyoSanoat JSC, as the initial phase of a larger proposal.

(USD 1.0 = EUR 0.924)