The Asian Development Bank (ADB), together with ACWA Power Company, Sumitomo Corporation, Chubu Electric Power Co. Inc., and Shikoku Electric Power Co. Inc., has signed a landmark financing package to build two utility-scale solar power plants with battery energy storage systems in Uzbekistan. The announcement was made on October 29, 2025, in Tashkent, Uzbekistan.

The Samarkand 1 and 2 Solar PV and BESS Projects will be developed across the Samarkand and Bukhara regions of the country. Once operational, the projects are expected to supply clean electricity to around 600,000 households and offset about 1.3 million tons of carbon dioxide emissions annually.

Project Specifications and Capacity

The projects will add 1,000 megawatts (MW) of solar capacity and about 1,336 megawatt-hours (MWh) of battery energy storage systems. The development will also include transmission lines and two new substations to strengthen grid stability and connectivity.

ADB President Masato Kanda stated that the projects represent “one of the most significant renewable energy initiatives in Central Asia.” He emphasized that the solar and battery plants “demonstrate the power of partnership and innovation, delivering reliable, affordable, and sustainable energy while cutting emissions.”

Financial Structure and Investment

ADB arranged a USD 140 million financing package, comprising USD 70 million from its ordinary capital resources, USD 10 million from the ADB-administered Leading Asia's Private Infrastructure Fund 2 (LEAP 2), and USD 60 million in syndicated loans with ADB as the lender of record.

To enhance bankability and reduce risk, ADB will provide up to USD 85 million in credit guarantees that backstop the off-taker's tariff payment obligations. These guarantees, backed by the Government of Uzbekistan, were instrumental in mobilizing more than USD 1.2 billion in total private and partner capital for the projects.

ADB's involvement is expected to unlock over USD 1.2 billion in climate-aligned investment, making it one of the largest clean energy transactions in the region. The bank is serving as the environmental and social coordinator for the projects, helping ensure that the power plants meet the highest standards of environmental protection and community engagement.

International Partnership and Financing Consortium

International partners in the financing consortium include the European Bank for Reconstruction and Development, Islamic Development Bank, and Japan Bank for International Cooperation. Commercial banks participating under Japan's Nippon Export and Investment Insurance (NEXI) cover include Standard Chartered Bank, The Norinchukin Bank, Sumitomo Mitsui Banking Corporation, and KfW IPEX-Bank GmbH.

LEAP 2 is an ADB-managed fund with a USD 1.5 billion commitment from the Japan International Cooperation Agency (JICA). It supports sustainable private-sector infrastructure projects that reduce emissions, improve energy efficiency, and expand access to essential services in ADB's developing member countries.

ADB-Uzbekistan Partnership Milestone

This year marks the 30th anniversary of the partnership between ADB and the Republic of Uzbekistan. Since joining ADB in 1995, Uzbekistan has received public sector loans, grants, and technical assistance totaling USD 14.6 billion.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Founded in 1966, ADB is owned by 69 members, 50 from the region. The bank works with its members and partners to solve complex challenges, harnessing innovative financial tools and strategic partnerships to transform lives, build high-quality infrastructure, and safeguard the planet.

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