AIIB partners with ACWA Power to finance 300 MW wind project in Bukhara

Located in Gijduvan district of Bukhara region, the facility will provide 300 megawatts of renewable energy capacity, marking a significant step in the country’s efforts to diversify its energy mix and expand clean energy generation.

Once operational, the plant is projected to generate approximately 943 gigawatt-hours of electricity annually, enough to supply more than 336,000 households. The project is also expected to offset roughly 475,000 tons of carbon dioxide emissions each year. Building on the existing Bash 1 project, Bash 2 will form part of a growing renewable energy cluster in the region.

“AIIB’s investment in the Bash 2 wind power plant reflects our commitment to supporting Uzbekistan’s transition toward a more sustainable and diversified energy system,” said Konstantin Limitovskiy, AIIB’s Chief Investment Officer for Global Project and Corporate Finance. He noted that by mobilizing private capital and partnering with experienced developers like ACWA Power, the project scales up renewable capacity while strengthening regional energy security.

The operation aligns with AIIB’s thematic priorities – green infrastructure, technology-enabled infrastructure, and private capital mobilization – and supports the government’s target of increasing the share of renewables in the national power mix to 40% by 2030.

Abdulhameed AlMuhaidib, Chief Financial Officer of ACWA Power, emphasized the importance of the partnership, stating that the project underscores the strength of well-structured public-private partnerships in delivering cost-competitive and reliable clean power at scale.

The investment is secured by a long-term power purchase agreement with the National Electric Grid of Uzbekistan. It is co-financed by the Asian Development Bank and Standard Chartered Bank, further highlighting international investor confidence in Uzbekistan’s ambitious renewable energy program.

The Asian Infrastructure Investment Bank (AIIB) has signed a $107 million loan agreement with ACWA Power to support the development of the Bash 2 wind power plant in Uzbekistan.