Saudi-listed ACWA Power received an equity bridge loan from Bank of China worth $80 million to finance its Tashkent 200 megawatt (MW) solar PV and 500 megawatt-hour (MWh) battery energy storage systems (BESS) in Uzbekistan. 

The equity bridge loan consists of two tranches: 50 percent in Renminbi and 50 percent in US dollars, the company said in a statment.

The loan marks the first renminbi loan cooperation between a Chinese bank and a Saudi enterprise.  

ACWA Power and its affiliates have cooperated extensively with Chinese entities for over 15 years. 

Since its inception, Chinese companies have invested more than $10 billion in the company’s projects.