November 2, 2025: The European Bank for Reconstruction and Development is providing $142 million to support construction of a 1.4GWh BESS and a 1GW solar power plant in Uzbekistan.

The EBRD said on October 29 the financing package, comprising two senior secured loans, is for two special-purpose vehicles to develop the facilities.

The SPVs (ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2) will be majority owned by ACWA Power — an international developer, investor, co-owner and operator of a portfolio of power-generation and desalinated-water-production plants.

The SPVs will be co-owned by Sumitomo Corporation, Shikoku Electric Power Company and Chubu Electric Power Company.

The investment marks the first foray into renewable energy and BESS systems in Uzbekistan by the Japanese investors, the EBRD said.

Co-financing should come from the Japan Bank for International Cooperation, Nippon Export and Investment Insurance covered lenders, the Asian Development Bank and Islamic Development Bank.

The two SPVs will introduce the largest combined solar photovoltaic and BESS capacity in Uzbekistan and across the region, the EBRD said.

“This unprecedented deployment of BESS capacity will help the grid to mitigate the intermittency of renewable energy sources. The BESS technology will improve grid reliability and flexibility by making additional energy capacity available during periods of peak demand.”

Once commissioned, the new renewable energy capacity should generate around 2,300GWh of electricity per year that can power 600,000 households annually.

To date, the EBRD said it has invested €5.35 billion ($6 billion) in Uzbekistan and supported 1.65 GW of wind capacity, 1.4 GW of solar photovoltaic and 334MW/501MWh of BESS in Uzbekistan, with projects sponsored by international developers.