ACWA Power, a leading developer, investor and operator of power generation and desalinated water plants in thirteen countries, has announced the successful financial closure for the development, construction and operation of the 1500 MW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan.

A syndicate of seven international lenders will provide USD750 million senior debt for the USD1 billion project. The mandated lead entities – including the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), Standard Chartered, Natixis, Société Générale, the OPEC Fund for International Development, and the Bank of China – helped structure the project finance debt. The commercial banks are providing funding on the back of a Multilateral Investment Guarantee Agency four-point cover.

The project will provide cleaner, more efficient and cost-competitive gas power that can be utilised across industries in Uzbekistan. Upon completion, it is expected to meet 15 percent of power demand in Uzbekistan and comprise eight percent of all installed power capacity.

The design, operational, and real time monitoring structure of the project is state-of-the-art, engineered by global experts to drive the energy production process round the clock, aiming to create a seamless flow to the national power grid of Uzbekistan through the air-insulated switchyard, while offsetting 2.2 million tonnes of carbon dioxide emissions each year.