Saudi Arabia’s Acwa Power on April 1 announced the successful financial closure for the development, construction and operation of the 1.5 GW Sirdarya combined cycle gas-turbine (CCGT) power plant in Uzbekistan. 

A syndicate of seven international lenders will provide $750mn debt for the $1bn project. The mandated lead entities – including the European Bank for Reconstruction and Development, German Investment Corporation, Standard Chartered, Natixis, Societe Generale, the OPEC Fund for International Development, and the Bank of China – helped structure the project finance debt, Acwa said.  

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“The project will provide cleaner, more efficient and cost-competitive gas power that can be utilised across industries in Uzbekistan,” the company said. “Upon completion, it is expected to meet 15% of power demand in Uzbekistan and comprise 8% of all installed power capacity.” 

Uzbekistan had broken ground on the power project in January this year. The central Asian nation is looking to expand its electricity generation to spur economic growth.