The Asian Development Bank has signed a $116 million financing package with Saudi Arabia-based renewable energy developer Acwa Power to support a 300-megawatt wind power project in Uzbekistan
The financing for the Bash 2 wind project in Uzbekistan’s Bukhara region includes a $50 million loan from ADB’s ordinary capital resources, $41 million mobilized from commercial lenders with ADB acting as mandated lead arranger and bookrunner, and $25 million from the Leading Asia’s Private Infrastructure Fund 2 (LEAP 2).
ADB is also serving as environmental and social coordinator for parallel lenders including the Asian Infrastructure Investment Bank and Standard Chartered.
The project marks the latest renewable energy investment backed by ADB in Uzbekistan, where the lender has increasingly used blended and syndicated financing structures to crowd in private investment into large-scale infrastructure projects.
Bash 2 is an extension of the Bash Wind Power Project cofinanced by ADB in 2023.
It willinclude 39 wind turbines with capacities of up to 8 MW each, alongside a new substation and transmission infrastructure connecting the plant to Uzbekistan’s national grid.
ADB said its supported renewable energy projects in Uzbekistan now exceed 2 gigawatts of capacity, including the Bash and Dzhankeldy wind projects, the Nukus 2 wind and battery storage project, and solar projects in Samarkand.
“As we expand our portfolio in the country, it underscores the strength of well-structured public–private partnerships in mobilizing capital efficiently and delivering reliable, cost-competitive, and clean power at scale,” said Acwa chief financial officer Abdulhameed AlMuhaidib. “We’re committed to deliver more for Uzbekistan to support achieving its power mix targets by 2030,”
ADB said the Bash 2 project is expected to create at least 800 construction jobs and 25 permanent operational positions. It will also support initiatives aimed at increasing women’s participation in the renewable energy sector
LEAP 2 is a $1.5 billion fund backed by the Japan International Cooperation Agency and managed by ADB. It was established in 2023 to finance sustainable private sector infrastructure projects across developing Asian markets.