EBRD Funds Uzbekistan Largest 1GW Solar 1.3GWh Storage Project

The European Bank for Reconstruction and Development (EBRD) is financing Uzbekistan's largest renewable energy and storage project to date, providing a $142 million package for two 500 MW solar photovoltaic plants combined with 1,336 MWh of battery energy storage systems (BESS). These projects, ACWA Power Sazagan Solar 1 and 2, are led by ACWA Power with co-investments from Japanese firms Sumitomo Corporation, Shikoku Electric Power, and Chubu Electric Power, marking Japan's first entry into Uzbekistan's renewable energy sector. The financing structure includes two senior secured loans and co-financing from major international institutions such as the Japan Bank for International Cooperation, Asian Development Bank, Islamic Development Bank, and Nippon Export and Investment Insurance. The combined output of 1 GW solar and 1.34 GWh storage aims to produce approximately 2,300 GWh annually, powering about 600,000 households and enhancing grid reliability by mitigating renewable intermittency. This initiative exemplifies Uzbekistan's transition toward a cleaner energy future, supporting government goals to deploy 25 GW of solar and wind capacity by 2030 and leveraging blended public-private financing models. The project also reflects a broader trend in Central Asia towards scalable, risk-mitigated renewable energy developments.