The Asian Development Bank (ADB) has signed a US$116 million financing package with Acwa to support the development, construction, operation, and transfer of a 300 MW wind power plant in Uzbekistan’s Bukhara region, further accelerating the country’s transition to renewable energy.

The financing comprises loans of US$50 million from ADB’s ordinary capital resources, US$41 million mobilised from commercial lenders, with ADB acting as mandated lead arranger and bookrunner, and US$25 million from the Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). ADB also serves as environmental and social co-ordinator for the Asian Infrastructure Investment Bank (AIIB) and Standard Chartered, which are parallel lenders.

The power plant – known as Bash 2 – is an extension of the Bash wind power project, which was co-financed by ADB in 2023. Bash 2 will feature 39 wind turbine generators, each with a nameplate capacity of up to 8 MW, a new 35/500 kV substation, and approximately 1.5 km of overhead transmission line to connect the plant to the national grid.

Isabel Chatterton, Director General, ADB’s Private Sector Operations Department, commented: “ADB’s connected approach is helping countries build resilience across energy, food, water, ecosystems, and communities in Uzbekistan. The Bash 2 wind power project expands Uzbekistan’s clean energy capacity, supports grid stability, reduces carbon emissions, and creates quality jobs. Alongside other ADB-financed wind projects in Uzbekistan, this lifts ADB-supported capacity beyond 2 GW – demonstrating how long-term partnerships translate climate ambition into resilience at scale while catalysing private investment.”

The project will support local economic development by generating employment opportunities, while fostering greater inclusion of women and girls in the renewable energy workforce. At least 800 jobs are expected to be created during construction and at least 25 permanent operational jobs. Additionally, the project will incorporate awareness-raising measures to support safe, inclusive, and well-managed project implementation, including technical study tours on wind energy farms for female students or graduates.

Acwa Chief Financial Officer, Abdulhameed AlMuhaidib, stated: “Bash 2 represents a meaningful step forward in Acwa’s expanding partnership with Uzbekistan and the delivery of its energy transition ambitions. As we expand our portfolio in the country, it underscores the strength of well-structured public-private partnerships in mobilising capital efficiently and delivering reliable, cost-competitive, and clean power at scale. We’re committed to deliver more for Uzbekistan to support achieving its power mix targets by 2030.”

Acwa, the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, is a listed developer, owner, and operator of power generation and desalination projects across 15 countries, with a market capitalisation of approximately US$35 billion as of March 2026. ADB has financed several of Acwa’s landmark renewable energy projects in Uzbekistan, including the 500 MW Bash and 500 MW Dzhankeldy wind power projects, the 200 MW Nukus 2 wind and battery energy storage (BESS) project, and the Samarkand 1 and 2 solar photovoltaics and BESS projects.

LEAP 2 is an ADB-managed fund with a US$1.5 billion commitment from the Japan International Cooperation Agency. Established in 2023, it focuses on sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and provide affordable health care, education, and communication services to ADB’s developing member countries.