ACWA Power Secures $80M Bridge Loan from Bank of China for Uzbekistan Solar Project in Historic Deal
Saudi energy company ACWA Power has received an $80 million equity bridge loan from the Bank of China for its solar power and battery storage projects in Uzbekistan.
This is the first loan cooperation deal between a Chinese bank and a Saudi company using the Chinese yuan and US dollars.
The funds will support the development of a 200 MW solar power plant and a 500 MW hour battery energy storage system in Tashkent, Uzbekistan.
The agreement was finalized during the 3rd Belt and Road Forum summit in October 2023.
ACWA Power's Chief Financial Officer, Abdulhameed Al-Muhaidib, emphasized the importance of this deal in aligning with Saudi Arabia's Vision 2030 and China's Belt and Road initiative.
ACWA Power, a Saudi Arabian renewable energy company, is deepening its partnership with Bank of China to bring competitive renewable energy to markets like Uzbekistan.
This collaboration builds on a 15-year relationship between the two entities, with Chinese investments in ACWA Power projects totaling over $10 billion.
Bank of China's General Manager, Pan Xinyuan, expressed optimism about the alignment of the Belt and Road Initiative with Saudi Arabia's Vision 2030.
He also pledged to support the cooperation between Saudi enterprises and Chinese partners for mutual benefits.
Looking forward, Bank of China plans to enhance financial connectivity to promote sustainable and high-quality development in Belt and Road economies.
ACWA Power, a Saudi Arabian power generation and water desalination company, has entered into an $800 million agreement with Senegal's Ministry of Water to develop a seawater desalination plant in Dakar.
ACWA Power will handle the infrastructure, design, financing, construction, operation, and maintenance of the facility.
The company made the announcement on the Saudi stock exchange, Tadawul.