Image Credits : Photo: Solar panels Source: UzDaily | visual for illustration purpose
1 minute read

ACWA Power secures first RMB loan for Uzbekistan solar project

ACWA Power, a global leader in energy transition and private water desalination, achieved a milestone by securing an equity bridge loan from the Bank of China worth $80 mn. This financing is designated to fund the Tashkent 200MW Solar PV and 500MWh BESS project in Uzbekistan. Notably, the loan comprises two tranches, split equally between RMB and USD.

The loan transaction represents the first instance of RMB loan cooperation between a Chinese bank and a Saudi enterprise. This landmark achievement stems from the collaborative efforts initiated during the 3rd Belt and Road Forum summit in October 2023. ACWA Power, represented by its chairman as a keynote speaker at the summit, laid the groundwork for this strategic partnership.

ACWA Power and its affiliates fostered extensive cooperation with Chinese entities for over 15 years. This collaboration has seen Chinese companies invest over $10 bn in ACWA Power projects since the company’s inception. Such enduring partnerships underscore the commitment to mutual growth and sustainable development in the energy sector.

Mr. Pan Xinyuan, General Manager of the Bank of China, expressed optimism about the alignment between the Belt and Road Initiative and Saudi Arabia’s Vision 2030. He emphasized the bank’s dedication to leveraging its strengths to support collaborations between Saudi enterprises like ACWA Power and their Chinese counterparts.

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