Financing a solar PV plant in Uzbekistan and the largest battery energy storage system in the country

ACWA Power Riverside Solar LLC is a company located in Uzbekistan, which will build and operate the solar plant and battery system of the Riverside project in Tashkent. Its sponsor is ACWA Power.

ACWA Power is a Saudi developer, investor and operator and a major player in the field of power generation, with a target of 100 GW of total installed capacity by 2030.

The Riverside project in Tashkent in Uzbekistan comprises a 500 MWh battery energy storage system and a 200 MW solar plant. The project will make a significant contribution towards the Uzbek Government’s objective of 27 GW of renewable energy capacity and 15% of the energy mix by 2030.

The battery system will reinforce grid stability and the share of renewable energies in the energy consumed. The objective is to achieve carbon neutrality in the country by 2060. It is a groundbreaking project for both the donors and the sponsor, reflecting the Uzbek energy policy to promote innovative technologies.

This is the fifth renewable energy project financed by Proparco in the country since 2021. 

The expected impacts of this financing are as follows:

• Almost 40 direct jobs supported over the next 5 years for the project, and more than 1,000 indirect jobs in the value chain 
• Support for providing new or improved access to electricity for almost 76,000 beneficiaries over the next 5 years
• Contribution to avoiding more than 250 ktCO2e of emissions per year
• 100% climate mitigation co-benefits

The project will contribute to the achievement of SDG 7 “Affordable and clean energy”, SDG 8 “Decent work and economic growth” and SDG 13 “Climate action”.