ACWA Power announces financial closing for aggregate USD 62 million for Nukus 1 wind project at FII8

ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, today announced the successful financial closure for senior and subordinated debt facilities worth USD 62 million for a key renewable energy project in Central Asia. The announcement took place on the third day of the Future Investment Initiative (FII8) underway in Riyadh. 

The agreement will see USD 62 million structured as a senior debt and subordinated debt facility for the 100MW Nukus 1 Wind Project in the Republic of Uzbekistan’s Qorao’zak district. A syndicate of three international lenders – European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), and Proparco – will provide the financing for the project.

With an overall value of USD 118 million, the Nukus 1 project is expected to start commercial operations by the end of 2025 and marks a significant step forward in the development of the renewable energy in Uzbekistan.

Marco Arcelli, Chief Executive Officer, ACWA Power said: “The Nukus 100MW Wind IPP project is a key step in Uzbekistan’s ambitious plan to deploy over 3GW of wind power by the end of this decade, significantly advancing the country’s energy transition and supporting its nationally determined contribution targets,”. “This is just one of many projects in our second largest market, demonstrating our close partnership with Uzbek leadership in advancing the country’s sustainable development. We extend our gratitude to EBRD, DEG and Proparco for their crucial support,” he added.

Separately, USD 238 million of financing agreements was announced for the Absheron-Khizi 240MW Wind Farm in the Republic of Azerbaijan. The lenders include the EBRD and the OPEC Fund for International Development (the OPEC Fund). 

The Absheron-Khizi plant is the first foreign investment-based independent wind power project in Azerbaijan, structured as a public-private partnership (PPP). The project is expected to start commercial operations in the first half of 2026 and involves a 25-year power purchase agreement (PPA) with the national electrical power company, Azerenerji. When complete, the project will provide nearly 300,000 households with renewable power and mitigating the impact of 400,000 tonnes of carbon emissions annually.   

With 21 projects in construction, or advanced development across Central Asia, ACWA Power is contributing significantly to the region’s energy transition and decarbonisation targets in countries including Azerbaijan, Kazakhstan and Uzbekistan. 

Uzbekistan is ACWA Power's second-largest market in terms of investments, underscoring the company's long-standing commitment to the country. The company’s current portfolio in Uzbekistan now comprises 11.4GW of power, of which 9.9GW is renewable, as well as the Republic’s first green hydrogen project, with a capacity of 3,000 tonnes per year.