OPEC Fund, ACWA Power sign $40m loan deals to build wind farms in Uzbekistan

OPEC Fund, ACWA Power sign $40m loan deals to build wind farms in Uzbekistan

The OPEC Fund for International Development (OPEC Fund) has entered into two loan agreements worth $20m each with Saudi company ACWA Power. The funds will be used to support the construction and operation of two wind power plants in Uzbekistan. The financing was provided through a consortium of international lenders, with the European Bank for Reconstruction and Development serving as the technical bank, and Standard Chartered Bank acting as the documentation bank. The consortium includes French development financier Proparco, Germany’s development bank Deutsche Investitions- und Entwicklungsgesellschaft, the Industrial and Commercial Bank of China, and the Asian Development Bank. The two wind power facilities, the 500MW Dzhankeldy wind farm, and the 500MW Bash wind power plant, are located in the Bukhara region of Uzbekistan. These new plants are expected to support the country’s renewable energy generation capacity, while also reducing greenhouse gas emissions and diversifying its energy mix. The loan agreement for the Dzhankeldy wind farm will support the development of the plant’s infrastructure, including its construction, operation, and maintenance, as well as the development of 128 kilometre transmission infrastructure. The plant is expected to generate 1,550 GWh of electricity annually. The Bash wind power plant, on the other hand, will