ACWA Power secures funding for Uzbekistan solar project
ACWA Power has secured 1.4 billion Saudi riyal ($373.17 million) funding for its 200 MW solar PV and 500 MWh battery storage Riverside Tashkent Power Plant in Uzbekistan.
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Saudi Arabia, Riyadh/Uzbekistan, Tashkent: Saudi ACWA Power Company has secured 1.4 billion Saudi riyal ($373.17 million) funding for its 200 MW solar PV and 500 MWh battery storage Riverside Tashkent Power Plant in Uzbekistan’s Tashkent region. The consortium of development finance institutions, funds and international commercial lenders comprises the European Bank for Reconstruction and Development (EBRD), Proparco, DEG, Islamic Development Bank (IsDB), Standard Chartered Bank and KFW-IPEX Bank.
The project will be developed by ACWA Power Riverside Solar Holding Company and its total cost is SAR 2 billion. The funding duration is nearly 19 years, with ACWA Power providing a limited guarantee on its equity in the bridge loan and standby equity, the statement said.
Source: Reuters
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