ACWA Power Receives First RMB Loan To Finance Uzbekistan Solar Project

First RMB facility between ACWA Power and a financial institution.

Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, received an equity bridge loan from Bank of China worth $80 million to finance its Tashkent 200MW Solar PV and 500MWh BESS in Uzbekistan. The equity bridge loan consists of two tranches, 50% in RMB and 50% in USD.

The loan marks the first RMB loan cooperation between a Chinese bank and a Saudi enterprise. This transaction culminated the initial agreement reached during the 3rd BRF summit in October 2023 where ACWA Power was represented by its chairman as a keynote speaker.

ACWA Power Receives First RMB Loan From Bank Of China To finance An Uzbekistan Solar Project
Image source: Shutterstock.

Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power said: “We have enjoyed a long and mutually beneficial partnership with Bank of China since 2009. This milestone is a strong signifier of the confluence between Saudi Arabia’s Vision 2030 and China’s Belt and Road initiative, and we are delighted to deepen our cooperation with Bank of China to bring renewable energy at competitive tariffs to our key markets including Uzbekistan.”

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ACWA Power and its affiliates have maintained extensive cooperation with Chinese entities for more than 15 years. Chinese companies have invested more than $10 billion in ACWA Power projects since the company’s inception.

General manager of Bank of China Mr. Pan Xinyuan said: “I believe that the Belt and Road Initiative is in harmony with the Saudi Arabia’s Vision 2030. Bank of China will further leverage its strengths to support the cooperation between Saudi enterprises like ACWA Power and their Chinese partners for win-win objectives. Looking ahead, Bank of China will continue to improve financial connectivity to push the Belt and Road economies on a track of sustainable and high-quality development.”