ACWA Power signs financing for $1 billion gas project in Uzbekistan

6 April 2021

ACWA Power, a major developer, investor and operator of power generation and desalinated water plants, has announced the successful financial closure for the development, construction and operation of the 1500 MW Sirdarya CCGT power plant in Uzbekistan.

A syndicate of seven international lenders will provide $750 million senior debt for the $1 billion project. The mandated lead entities – six major banks including the European Bank for Reconstruction and Development and the Bank of China – helped structure the project finance debt. 

The project will provide more efficient and cost-competitive gas power that can be utilised across industries in Uzbekistan. Upon completion, it is expected to meet 15 % of power demand in Uzbekistan and comprise 8 % of all installed power capacity.

Since inception in 2004, ACWA Power has grown rapidly both domestically and internationally. It has the stated ambition of developing additional ‘stronghold’ countries through geographic expansion – by strategically leveraging its ‘early mover’ advantage, technological know-how and the ‘total ACWA Power solution’ to deliver winning tariffs.

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