ACWA Power, a leading developer, investor and operator of power generation and desalinated water plants in 13 countries, has announced the successful financial closure for the development, construction and operation of the 1,500MW Syrdarya Combined Cycle Gas Turbine (CCGT) power plant in Uzbekistan.
A syndicate of seven international lenders will provide US$750m senior debt for the US$1bn project. The mandated lead entities – including the European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), Standard Chartered, Natixis, Société Générale, the OPEC Fund for International Development, and the Bank of China – helped structure the project finance debt. The commercial banks are providing funding on the back of a Multilateral Investment Guarantee Agency four-point cover.
The project will provide cleaner, more efficient and cost-competitive gas power that can be utilised across industries in Uzbekistan. On completion, it is expected to meet 15% of power demand in Uzbekistan and comprise eight percent of all installed power capacity.
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