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Uzbekistan’s list of prospective power projects – across the renewables and gas-fired space – is ballooning. But only one deal – the Syrdarya I CCGT – has reached financial close so far, albeit with heavy DFI support.
( WORDS) Despite the global economic slowdown caused by Covid-19, the pace of development of an independent power project (IPP) market in Uzbekistan is tangibly picking up. This month ACWA Power closed on the $750 million debt financing for the 1.5GW Syrdarya 1 CCGT project – the first large-scale Uzbek IPP financing to reach financial close – and more IPP deals (both renewables and gas-fired) look set to follow given the recent proliferation of tenders and upcoming regulatory environment streamlining. In February the Uzbek government issued a new draft law on electric power. If approved,...
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