Acwa and Masdar fund major renewable projects in Uzbekistan, UAE

Saudi Arabia’s Acwa Power secured $226 million from the Asian Development Bank, the Asian Infrastructure Investment Bank and Standard Chartered Bank to finance its 300‑megawatt Bash II wind farm in southwestern Uzbekistan. The project, covered by a 25‑year power‑purchase agreement with the state‑owned National Electric Grid, is slated to begin commercial operations in the second half of 2027, will power more than 336,000 households and avoid about 475,000 tonnes of CO₂ emissions each year. Acwa, 44 % owned by Saudi sovereign‑wealth fund Public Investment Fund, said the loan covers more than two‑thirds of the project’s total cost.

In the United Arab Emirates, Emirates Water and Electricity Company (EWEC) and Masdar signed a strategic collaboration framework to accelerate renewable energy development. The agreement targets the deployment of over 30 GW of solar photovoltaic capacity and more than 8 GW of battery storage by 2035, supporting the UAE’s Net‑Zero‑by‑2050 strategy. The framework, endorsed by EWEC CEO Ahmed Ali Alshamsi and Masdar CEO Mohamed Jameel Al Ramahi, will involve Masdar from project inception through financial closure, aiming to maximise local value, develop Emirati talent and lower costs while ensuring long‑term supply security.