The finance would be used to support the delivery of a 1,500MW combined-cycle gas-fired power plant in the Syrdarya region of the country, as part of an ongoing modernisation of the power generation sector aimed at increasing efficiency and reducing the environmental impact.
Under the plans, the new plant will reduce around 1.5 million tonnes of CO2 emissions per year.
The Uzbekistan government has agreed the PPP deal with ACWA Power Syrdarya, a special purpose vehicle incorporated in Uzbekistan for the sole purpose of the project and which is 100% owned by ACWA Power. The EBRD is scheduled to make a decision on the loan application on 16 December.
Uzbekistan and the International Finance Corporation (IFC) launched plans to structure the project under a PPP model in October 2019.