bne IntelliNews – Saudi ACWA Power finalizes financing for thermal power plant project in Uzbekistan

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Saudi Arabia ACWA Power has announced the financial close of the construction of a new thermal power plant (TPP) in the Syrdarya region of Uzbekistan, the Uzbek Ministry of Energy announced on March 15.

The investment agreement for the construction of a new 1,500 MW TPP and the purchase of electricity for 25 years was signed between ACWA Power and the Uzbek side on March 5.

The total cost of the project is $ 1.2 billion, of which $ 747 million is made up of loans from the International Development Bank (IDB) and foreign private commercial banks.

Creditors include the European Bank for Reconstruction and Development (EBRD), the International Development Fund of the Organization of the Petroleum Exporting Countries (OPEC), the German Investment Company (DEG), Standard Chartered Bank ( United Kingdom), Natixis (France), Société Générale (France) and Bank of China.

The term of loan contracts is 18 years.

“The signing of loan agreements is one of the decisive stages in the construction of the plant. Its successful completion signifies a high level of confidence in investments in Uzbekistan not only from private energy producers, but also from international financial institutions and international private commercial banks, ”the Energy Ministry said in a statement. communicated.

“The ministry will continue to work on the mobilization of similar large-scale direct private investments, which are carried out without government guarantee, that is to say without increasing the country’s external debt,” he said. added.

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