IFC provided a $240 million Islamic Equity Bridge Loan to ACWA Power to support the development of Uzbekistan’s renewable energy projects. The financing covers two projects totaling 1 GW of solar power, a 668 MW Battery Energy Storage System (BESS), and 500 kilometers of high-voltage transmission lines. This initiative is expected to generate 2,400 GWh annually, reduce CO2 emissions by approximately 1.3 million tons, and aid Uzbekistan’s target of reaching 40% renewable energy by 2030. The Islamic financing structure includes an A-Loan and a trust loan, enabling ACWA Power to attract additional capital and optimize tariffs for the clean energy projects.
ACWA Power secures $240M from IFC for Uzbekistan’s 1 GW PV and BESS project
ACWA Power’s $240 million Islamic financing aims to support Uzbekistan’s goal of reaching 40% renewables by 2030. (Image Source: IFC)
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