TASHKENT, Uzbekistan, November 4. The Asian Development Bank (ADB), together with ACWA Power, Sumitomo Corporation, Chubu Electric Power Co. Inc., and Shikoku Electric Power Co. Inc., has signed a landmark financing package to construct two large-scale solar power plants with battery energy storage systems (BESS) in Uzbekistan, Trend reports.
The Samarkand 1 and 2 Solar PV and BESS projects, to be implemented across the Samarkand and Bukhara regions, mark a new stage in Central Asia’s transition toward clean and sustainable energy. These facilities will become among the largest of their kind in the region, strengthening Uzbekistan’s position as a renewable energy hub.
ADB arranged a $140 million financing package, including $70 million from its ordinary capital resources, $10 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), and $60 million in syndicated loans with ADB as the lender of record. To further enhance project bankability and reduce financial risks, ADB will provide up to $85 million in credit guarantees—supported by the Government of Uzbekistan—to secure the off-taker’s tariff payment obligations. These guarantees have played a decisive role in attracting over $1.2 billion in total private and partner investments.
"ADB is pleased to support Uzbekistan in advancing one of the most significant renewable energy initiatives in the region," said ADB President Masato Kanda. "These solar and battery plants demonstrate the power of partnership and innovation—delivering reliable, affordable, and sustainable energy while reducing emissions. By combining technical ambition with financial ingenuity, this collaboration sets a strong precedent for Central Asia’s green transition."
The projects will add 1,000 megawatts (MW) of solar generation capacity and about 1,336 megawatt-hours (MWh) of battery storage. They also include the construction of new transmission lines and two substations to ensure grid stability and improved connectivity. Once operational, the facilities are expected to supply clean electricity to approximately 600,000 households and offset up to 1.3 million tons of carbon dioxide annually.
The financing consortium brings together leading international institutions such as the European Bank for Reconstruction and Development (EBRD), the Islamic Development Bank (IsDB), and the Japan Bank for International Cooperation (JBIC). Commercial banks participating under Japan’s Nippon Export and Investment Insurance (NEXI) program include Standard Chartered Bank, The Norinchukin Bank, Sumitomo Mitsui Banking Corporation, and KfW IPEX-Bank GmbH.
This year marks the 30th anniversary of ADB’s partnership with Uzbekistan. Since joining the Bank in 1995, Uzbekistan has received loans, grants, and technical assistance totaling $14.6 billion, supporting economic diversification, infrastructure modernization, and the country’s strategic shift toward a green and inclusive growth model.