Renewable Energy Financing: ACWA Power Propels Uzbekistan’s Renewable Energy with $533 Million Tashkent Riverside Project

published on 02 July 2024


In a groundbreaking move towards a sustainable energy future, ACWA Power has announced the completion of the financial agreements for the $533 million Tashkent Riverside project in Uzbekistan. This project, set to include the largest battery energy storage system in Central Asia and a significant solar power plant, represents a monumental leap in Uzbekistan’s renewable energy journey. With an ambitious goal to generate 40% of its electricity from renewables by 2030, Uzbekistan is setting a robust example for emerging markets worldwide.

Unveiling the Tashkent Riverside Project

The Tashkent Riverside project is poised to become a cornerstone in Uzbekistan’s renewable energy infrastructure. This greenfield development will feature a 200MW solar photovoltaic (PV) plant and a 500MWh battery energy storage system (BESS), the largest in Central Asia. The BESS will play a crucial role in stabilizing the Uzbek grid by storing excess electricity generated during peak production times and making it available during periods of low production. This ensures a reliable and continuous supply of electricity, addressing the intermittency issues commonly associated with renewable energy sources.

Financing for this project was secured from six prominent lenders: the European Bank for Reconstruction and Development (EBRD), Islamic Development Bank, DEG, Proparco, Standard Chartered, and KfW-IPEX Bank. These agreements, totaling $386 million in debt, cover more than two-thirds of the project’s total cost. The trust placed in ACWA Power by these lenders underscores the company’s leadership in renewable energy and energy storage.

Strategic Partnerships and Ambitious Goals

The successful financial close of the Tashkent Riverside project reflects the strong collaboration between ACWA Power and its financial partners. Nandita Parshad, Managing Director of the Sustainable Infrastructure Group at EBRD, emphasized the project’s significance in Uzbekistan’s renewable energy strategy, stating, “This project is core to Uzbekistan's ambition to install 25GW of renewables by 2030. The project can power 170,000 households, and the battery storage capacity is equivalent to 8,000 electric vehicles.”

Uzbekistan’s drive towards a low-carbon future is evident in its ambitious renewable energy targets. By 2030, the country aims to generate 40% of its electricity from renewable sources. The Tashkent Riverside project is instrumental in this transition, contributing significantly to the diversification of Uzbekistan’s energy mix. ACWA Power’s expanding portfolio in Uzbekistan, which now includes 11.6GW of power, of which 10.1GW is renewable, further demonstrates the company’s commitment to supporting the nation’s sustainable development goals.

Practical Implications and Future Prospects

The practical implications of the Tashkent Riverside project are profound. By integrating a substantial solar plant with an extensive battery storage system, Uzbekistan is not only enhancing its energy security but also paving the way for future renewable energy projects. The BESS will mitigate the effects of energy intermittency, ensuring a stable supply of electricity to meet the growing demand.

ACWA Power’s ongoing investments in Uzbekistan highlight the country’s potential as a hub for renewable energy projects. The recent $4.85 billion power purchase agreement for the Aral 5GW Wind Independent Power Producer project exemplifies this trend. As Uzbekistan continues to pursue its renewable energy targets, the Tashkent Riverside project will serve as a model for future initiatives, showcasing the potential of integrated renewable energy and storage solutions in emerging markets.


The Tashkent Riverside project is a landmark in Uzbekistan’s renewable energy journey. With its groundbreaking solar and battery storage capabilities, this project sets a new standard for sustainable energy development in Central Asia. ACWA Power’s role in this venture underscores its position as a global leader in renewable energy and its unwavering commitment to supporting Uzbekistan’s ambitious energy goals.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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