Japan’s JBIC, firms to fund Uzbek solar power projects

Market: Electricity
29/10/25

Japan's state-owned financial institution Japan Bank for International Co-operation (JBIC) and a group of domestic companies agreed on 27 October to fund solar power projects in Uzbekistan operated by subsidiaries of Saudi Arabia's ACWA Power.

JBIC, Japanese trading house Sumitomo and power utilities Chubu Electric Power and Shikoku Electric Power will fund the solar power and battery energy storage system projects operated by ACWA Power Sazagan Solar1 and ACWA Power Sazagan Solar2. The projects have a combined power generation capacity of 1,000MW and a storage battery capacity of 1,336MWh.

ACWA Power will sell all electricity to Uzbekistan's state-owned JSC National Electric Grid of Uzbekistan for 25 years after construction is complete. ACWA Power aims to begin commercial operation of the Solar1 plant by 2027 and the Solar2 plant by 2028.

Fellow banks Sumitomo Mitsui Banking, the Norinchukin Bank, Standard Chartered, the Asian Development Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank and KfW IPEX-Bank will also fund the projects. Sumitomo, Chubu and Shikoku did not disclose their investment values. JBIC will offer $253mn for ACWA Power Sazagan Solar1 and $382mn for ACWA Power Sazagan Solar2.

The total joint funding in ACWA Power Sazagan Solar1 from financial institutions, including JBIC and excluding Sumitomo, Chubu and Shikoku, will be $585mn. The total joint financing from the same group for ACWA Power Sazagan Solar2 will be $861mn.

ACWA Power currently owns 100pc of ACWA Power Sazagan Solar1 and ACWA Power Sazagan Solar2. Following the investment, Sumitomo will acquire 20.2pc of the projects, while Chubu Electric Power and Shikoku Electric Power will each obtain 14.4pc. ACWA Power will hold 51pc.

JBIC aims to help Japanese companies improve their competitiveness in international markets and promote their decarbonisation. Sumitomo and Chubu expect to enhance their green portfolios through this investment.

By Nanami Oki

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Japan’s JBIC, firms to fund Uzbek solar power projects

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