Saudi utility firm ACWA Power partners with the AIIB to develop three wind power plants in Uzbekistan, advancing the nation’s renewable energy targets.

ACWA Power, a leading Saudi utility company, has secured a $150 million financing agreement with the Asian Infrastructure Investment Bank (AIIB) to develop three wind power plants in Uzbekistan. These facilities, known as the Konrad 1, 2, and 3 projects, each have a capacity of 500 megawatts. The funding, backed by a four-year institutional guarantee from ACWA Power, aims to bolster Uzbekistan’s ambitious renewable energy goals.

Uzbekistan has increasingly become a focal point for ACWA Power’s renewable projects, with the company deeply invested in the nation’s energy transition. Currently, ACWA Power’s portfolio in Uzbekistan includes 11.6 gigawatts of power generation capacity, of which 10.1 gigawatts is renewable energy. Furthermore, the firm is also spearheading the country’s first green hydrogen project, which will produce 3,000 tonnes annually.

The Kongrad wind projects are set to play a key role in Uzbekistan’s energy strategy, which seeks to generate 40 per cent of the nation’s electricity from renewable sources, including wind and solar power, by 2030. According to ACWA Power’s founder and chairman, Mohammad Abunayyan, this partnership with AIIB is crucial in delivering clean, reliable, and affordable energy in Uzbekistan.

Jin Liqun, President of the AIIB, praised the Kungrad wind project as a vital contributor to Uzbekistan’s energy transition, which aligns with AIIB’s mission to promote sustainable infrastructure across the region. By improving energy efficiency and focusing on renewable energy resources, the project supports Uzbekistan’s climate goals while fostering growth in sustainable infrastructure.

This latest agreement builds on a series of partnerships between ACWA Power and Uzbekistan. In July 2024, ACWA Power secured $373.1 million in financing for Tashkent’s Riverside solar power project, and in March, the company signed a $255.12 million power purchase agreement for the Nukus 2 wind project. These projects are part of a broader strategy to meet Uzbekistan’s energy demands through green alternatives.

ACWA Power, which operates across 13 countries, has a global portfolio valued at $94.3 billion. This portfolio includes 90 projects capable of generating over 65.6 gigawatts of power, demonstrating the firm’s continued commitment to driving renewable energy growth on a global scale.