By: AGBI

Saudi Arabia’s renewables company Acwa has secured $226 million from three financial institutions for its 300 megawatt (MW) wind farm in southwestern Uzbekistan.

The funding, covering more than two-thirds of the Bash II project’s total cost, was secured from the Asian Development Bank, the Asian Infrastructure Investment Bank and Standard Chartered Bank, the Saudi-listed company said in a statement.

The project is expected to commence commercial operations in the second half of 2027.

Once operational, it will supply electricity to more than 336,000 households and is expected to avoid 475,000 tonnes of CO₂ emissions annually, supporting Uzbekistan’s 2030 energy mix targets.

The project has a 25-year power purchase agreement with the state-owned National Electric Grid of Uzbekistan.

Acwa’s portfolio comprises 110 projects in operation, advanced development or under construction, with assets under management of SAR455 billion ($122 billion).

The company is 44 percent owned by the Public Investment Fund, Saudi Arabia’s $1 trillion sovereign wealth fund.

Acwa shares, which trade on the Saudi Exchange (Tadawul), closed up 10 percent at SAR182.1 on Thursday, but have remained flat so far this year.