Acwa Power signs financing package for gas power project in Uzbekistan

Muscat: ACWA Power has introduced the profitable monetary closure for the event, development and operation of the 1500 MW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan.

ACWA Power is a number one developer, investor and operator of power era and desalinated water crops in 13 international locations.

A syndicate of seven worldwide lenders will present US$750 million senior debt for the US$1 billion project. The mandated lead entities – together with the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), Standard Chartered, Natixis, Société Générale, the OPEC Fund for International Development, and the Bank of China – helped construction the project finance debt. The industrial banks are offering funding on the again of a Multilateral Investment Guarantee Agency four-point cowl.

The project will present cleaner, extra environment friendly and cost-competitive gas power that may be utilised throughout industries in Uzbekistan. Upon completion, it’s anticipated to fulfill 15 per cent of power demand in Uzbekistan and comprise eight p.c of all put in power capability.

The design, operational, and actual time monitoring construction of the project is state-of-the-art, engineered by world specialists to drive the power manufacturing course of around the clock, aiming to create a seamless movement to the nationwide power grid of Uzbekistan by way of the air-insulated switchyard, whereas offsetting 2.2 million tonnes of carbon dioxide emissions every year.

“The successful financial closure of Sirdarya CCGT in a challenging operating environment validates continued appetite for public-private partnerships and green investments. It also reflects the confidence and credibility ACWA Power enjoys amongst the global financial community, which we have worked to cultivate over 17 years of successful operations,” Paddy Padmanathan, President & CEO of ACWA Power, mentioned.

“On the strategic level, this project is yet another example of our commitment to collaborating with governments around the world to satisfy the rising demand for affordable power and water, and we are proud to be supporting Uzbekistan’s decarbonisation efforts and energy transition journey,” he added.

“Given the current macroeconomic climate, this announcement reinforces our proven structuring capabilities and the resilience of our long-lasting partnerships,” Rajit Nanda, Chief Portfolio Management Officer and Acting Chief Investment Officer of ACWA Power, mentioned.

“We are delighted with the timely signing of a financing package for the Sirdarya CCGT project, which enables us to support the Republic of Uzbekistan in providing cost-effective and energy efficient power solutions for their residing communities,” he added.

Since inception in 2004, ACWA Power has grown quickly each domestically and internationally in line with its mission to make obtainable electrical energy and desalinated water in a dependable and accountable method to help the social improvement and financial development of countries. It has the said ambition to develop further stronghold international locations by way of geographic enlargement by strategically leveraging its early mover benefit, technological know-how and the ‘total ACWA Power solution’ to ship profitable tariffs.

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