The Asian Development Bank (ADB) has signed a $116 million financing package with Acwa to support the development, construction, operation, and transfer of a 300-megawatt (MW) wind power plant in Uzbekistan’s Bukhara region, according to a press release issued on May 6, 2026 in Samarkand. The agreement is designed to further accelerate the country’s transition to renewable energy sources. The financing structure combines ADB resources with commercial capital and concessional funding. The project builds on a growing portfolio of ADB-backed renewable ventures in Uzbekistan. It marks another step in long-term collaboration between ADB and Acwa.
The financing package comprises a $50 million loan from ADB’s ordinary capital resources, $41 million mobilized from commercial lenders with ADB acting as mandated lead arranger and bookrunner, and $25 million from the Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). ADB also serves as environmental and social coordinator for the Asian Infrastructure Investment Bank (AIIB) and Standard Chartered, which are participating as parallel lenders. LEAP 2 is a fund managed by ADB into which the Japan International Cooperation Agency (JICA) has invested $1.5 billion. Established in 2023, it focuses on sustainable private sector infrastructure projects. The fund targets emissions reduction, energy efficiency, and access to healthcare, education, and connectivity across ADB’s developing member economies.
The plant, known as Bash 2, is an extension of the Bash Wind Power Project, which ADB co-financed in 2023. Bash 2 will include 39 wind turbines, each with a rated capacity of up to 8 MW. It will also feature a new 35/500 kilovolt substation and approximately 1.5 kilometers of overhead transmission line to connect the facility to the national grid. The project is expected to generate at least 800 jobs during construction and at least 25 permanent positions during operation. It will also include awareness measures such as technical study visits to wind power facilities for female students and graduates.
“ADB’s integrated approach is helping countries, including Uzbekistan, build resilience across energy, food, water, ecosystems, and communities,” said ADB Director General for Private Sector Operations Isabelle Chatterton. She noted that the Bash 2 Wind Power Project expands Uzbekistan’s clean energy capacity, supports grid stability, cuts carbon emissions, and creates high-skilled jobs. Together with other ADB-financed wind projects in the country, it brings ADB-supported capacity to more than 2 gigawatts. Acwa founder and Chairman Mohammad Abunayyan called the deal “a powerful testament to Uzbekistan’s unwavering commitment to the clean energy transition and to the strength of our partnership with ADB.” He added that the project reinforces the commercial viability of large-scale wind power in the region.
Acwa is a listed company that develops, owns, and operates power generation and water desalination projects in 15 countries, with a market capitalization of approximately $35 billion as of March 2026. ADB has financed several of Acwa’s landmark renewable projects in Uzbekistan, including the Bash (500 MW) and Dzhankeldy (500 MW) wind projects, the 200 MW Nukus-2 wind project and Battery Energy Storage System Project, and the Samarkand-1 and Samarkand-2 solar photovoltaic and battery storage projects. ADB, founded in 1966, is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. It is owned by 69 members, 50 of them from the region. The Bash 2 agreement reflects ADB’s continued role in mobilizing private investment for climate goals. It also underscores Uzbekistan’s advancing position in regional renewable energy development.
