BAKU, Azerbaijan, May 16. The European Bank for Reconstruction and Development (EBRD) and Saudi Arabia's ACWA Power have signed a credit agreement for the construction of a wind power plant in Nukus, Uzbekistan, Trend reports via Uzbek media.
The agreement was inked during the 32nd Annual Meeting of the EBRD's Board of Governors. It marks a notable milestone in the partnership between the EBRD and ACWA Power, demonstrating their joint commitment to sustainable development and renewable energy in Uzbekistan.
The credit agreement outlines that the bank will provide a loan of $19 million to ACWA Power Wind Karatau, facilitating the construction of a 100 MW wind power plant in Karakalpakstan's Nukus.
This project is set to become the first initiative under the EBRD's program aimed at supporting Uzbekistan in the establishment of wind energy capacities, with a cumulative production potential of 2000 MW.
The successful implementation of this wind power plant project will not only contribute to Uzbekistan's renewable energy goals but also foster the growth of the wind energy sector in the country. By harnessing the power of wind resources, Uzbekistan aims to diversify its energy mix, reduce dependency on fossil fuels, and promote sustainable development.
With this latest collaboration, the EBRD's investment in Uzbekistan's energy sector continues to expand. The bank has played a vital role in financing numerous projects and programs across various industries, amounting to over 3.4 billion euros. It is worth noting that Uzbekistan stands as the largest recipient of EBRD investments among Commonwealth of Independent States (CIS) countries.
The partnership between the EBRD and ACWA Power underscores the shared vision of driving economic growth, advancing sustainable practices, and paving the way for a greener future in Uzbekistan. Through continued collaboration and investment, the country's renewable energy sector is poised to experience remarkable development, contributing to a cleaner and more sustainable energy landscape.