- Region: Asia
- Infrastructures
- Environment
- Overseas Investment Loans
- Project Finance
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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on October 27 loan agreements in project financing for (1) and (2) below with two Uzbekistan companies invested in by Sumitomo Corporation, Chubu Electric Power Co., Inc., Shikoku Electric Power Company, Incorporated, and ACWA Power Company of Saudi Arabia. Both loans are co-financed with the Asian Development Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank, Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, Standard Chartered Bank, and KfW IPEX-Bank GmbH. Nippon Export and Investment Insurance (NEXI) will provide the insurance for the loans by the private financial institutions.
Counterparty Project JBIC Loan Amount Total Co-Financing Amount （１） ACWA Power Sazagan Solar1 FE LLC Samarkand 1 Solar Power Generation and Storage Project Approximately USD253 million Approximately USD585 million （２） ACWA Power Sazagan Solar2 FE LLC Samarkand 2 Solar Power Generation and Storage Project Approximately USD382 million Approximately USD861 million -
The two projects will deliver a total generation capacity of 1,000 MW and a total storage capacity of 1,336 MWh. All electricity generated will be sold to JSC National Electric Grid of Uzbekistan for 25 years after construction is completed. These are the first loans by JBIC for renewable energy projects in Uzbekistan.
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In the Infrastructure System Overseas Promotion Strategy 2030, approved by the Ministerial Meeting on Strategy relating to Infrastructure Export and Economic Cooperation in December 2024, the government of Japan views social transformations the world is facing, such as green initiatives and decarbonization, as opportunities for growth. It has set forth a vision to address global challenges, including climate change, and has also established a policy for supporting the overseas development of high-quality infrastructure. In addition, the government of Uzbekistan set a goal to reduce greenhouse gas (GHG) emissions by 35% compared to 2010 levels by 2030. To achieve this goal, it plans to increase onshore wind and solar power generation capacity by a total of 12 GW by 2030.
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The loans are in line with these policies and will financially support renewable energy projects that Japanese companies have invested in and will be involved in the operation and management over the long term. This support will contribute toward decarbonization efforts by Japanese companies and Uzbekistan, as well as toward maintaining and improving the international competitiveness of Japanese industry.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their infrastructure businesses toward decarbonization by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.