ADB Leads $116M Financing Package for Major Wind Power Expansion in Uzbekistan

The $116 million financing package combines funding from multiple international financial institutions and private lenders.

The Asian Development Bank (ADB) has signed a $116 million financing package to support the development of a major new wind power project in Uzbekistan, marking another significant step in the country's rapid transition toward renewable energy and large-scale private sector-led clean power generation.

The financing agreement, signed with Saudi energy giant Acwa Power, will fund the development, construction, operation, and eventual transfer of the 300-megawatt Bash 2 Wind Power Project in Uzbekistan's Bukhara region.

The project strengthens Uzbekistan's ambitious renewable energy expansion strategy as the country seeks to diversify away from fossil fuel dependence, improve energy security, and meet growing electricity demand driven by industrialisation and population growth.

Major International Financing Package Assembled

The $116 million financing package combines funding from multiple international financial institutions and private lenders.

The structure includes:

• $50 million from ADB's ordinary capital resources

• $41 million mobilised from commercial lenders, with ADB acting as mandated lead arranger and bookrunner

• $25 million from the Leading Asia's Private Infrastructure Fund 2 (LEAP 2)

ADB is also serving as environmental and social coordinator for additional parallel lenders, including:

• Asian Infrastructure Investment Bank (AIIB)

• Standard Chartered

The financing model reflects the growing role of blended finance and multilateral development banks in mobilising private investment into large-scale renewable infrastructure projects across emerging markets.

Bash 2 Expands Existing Wind Energy Programme

The new Bash 2 facility is being developed as an extension of the original Bash Wind Power Project, which was co-financed by ADB in 2023.

The expansion will include:

• 39 wind turbine generators

• Individual turbine capacity of up to 8 MW each

• A new 35/500 kilovolt substation

• Approximately 1.5 kilometres of overhead transmission lines linking the project to Uzbekistan's national grid

Once operational, Bash 2 will significantly expand the country's renewable electricity generation capacity while supporting broader efforts to modernise and stabilise the national power system.

ADB Says Project Strengthens Climate Resilience and Energy Security

ADB Private Sector Operations Department Director General Isabel Chatterton said the project forms part of a wider integrated approach supporting resilience across energy, infrastructure, and communities in Uzbekistan.

"ADB's connected approach is helping countries build resilience across energy, food, water, ecosystems, and communities in Uzbekistan," Chatterton said.

"The Bash 2 Wind Power Project expands Uzbekistan's clean energy capacity, supports grid stability, reduces carbon emissions, and creates quality jobs."

According to ADB, its cumulative support for renewable energy projects in Uzbekistan now exceeds 2 gigawatts of capacity, reflecting the scale of the country's energy transformation programme.

"Alongside other ADB-financed wind projects in Uzbekistan, this lifts ADB-supported capacity beyond 2 gigawatts — demonstrating how long-term partnerships translate climate ambition into resilience at scale while catalyzing private investment," Chatterton added.

Uzbekistan Accelerating Renewable Energy Transition

Uzbekistan has emerged as one of Central Asia's fastest-growing renewable energy markets in recent years.

The government has launched an aggressive energy diversification strategy aimed at:

• Expanding renewable generation

• Reducing reliance on natural gas

• Improving electricity reliability

• Attracting foreign investment

• Lowering carbon emissions

The country aims to significantly increase the share of renewables in its national energy mix by 2030 as electricity demand continues rising rapidly.

International investors and development banks have increasingly identified Uzbekistan as a strategic renewable energy growth market due to its strong wind and solar potential, improving investment framework, and large infrastructure requirements.

Project Expected to Create Hundreds of Jobs

Beyond energy generation, the Bash 2 project is also expected to deliver significant economic and social benefits for local communities.

ADB estimates the project will create:

• At least 800 jobs during the construction phase

• Approximately 25 permanent operational positions once completed

The initiative also includes measures aimed at improving gender inclusion within the renewable energy sector.

These efforts include:

• Awareness and inclusion programmes

• Support for women entering the clean energy workforce

• Technical study tours for female students and graduates focused on wind energy facilities

Development institutions increasingly emphasise workforce inclusion and gender participation as part of broader sustainable infrastructure financing frameworks.

Acwa Power Expands Growing Uzbekistan Portfolio

Acwa Power Chief Financial Officer Abdulhameed AlMuhaidib described Bash 2 as another major milestone in the company's expanding partnership with Uzbekistan.

"Bash 2 represents a meaningful step forward in Acwa's expanding partnership with Uzbekistan and the delivery of its energy transition ambitions," AlMuhaidib said.

He said the project demonstrates the effectiveness of well-structured public-private partnerships in mobilising large-scale clean energy investment.

"As we expand our portfolio in the country, it underscores the strength of well-structured public–private partnerships in mobilizing capital efficiently and delivering reliable, cost-competitive, and clean power at scale," he said.

"We're committed to deliver more for Uzbekistan to support achieving its power mix targets by 2030."

Acwa Emerging as Global Clean Energy Leader

Acwa Power has become one of the world's largest renewable energy and water infrastructure developers.

The company currently operates across 15 countries and is recognised as:

• The world's largest private desalination company

• A major player in the global energy transition

• An early large-scale investor in green hydrogen projects

As of March 2026, Acwa Power held a market capitalisation of approximately $35 billion.

ADB has already partnered with Acwa on several major renewable energy developments in Uzbekistan, including:

• 500-MW Bash Wind Project

• 500-MW Dzhankeldy Wind Project

• 200-MW Nukus 2 Wind and Battery Energy Storage Project

• Samarkand 1 and 2 Solar PV and Battery Energy Storage Projects

Japan-Backed LEAP 2 Fund Supporting Green Infrastructure

Part of the financing package is being provided through LEAP 2, an ADB-managed fund supported by the Japan International Cooperation Agency (JICA).

LEAP 2 was established in 2023 with a $1.5 billion commitment focused on sustainable private infrastructure investments across developing Asian economies.

The fund prioritises projects that:

• Reduce carbon emissions

• Improve energy efficiency

• Expand affordable infrastructure access

• Support sustainable economic development

ADB says blended financing mechanisms such as LEAP 2 are becoming increasingly important in accelerating climate-focused infrastructure investment across emerging markets.

Central Asia Becoming Strategic Renewable Energy Region

The Bash 2 project reflects the broader transformation occurring across Central Asia, where governments are increasingly investing in renewable energy to diversify economies historically dependent on fossil fuels.

International financial institutions view the region as strategically important for future clean energy development due to its:

• Large wind and solar resource potential

• Growing electricity demand

• Industrial expansion

• Geographic importance linking Asian and European energy systems

Analysts say projects like Bash 2 will play a critical role in helping countries such as Uzbekistan balance economic growth, energy security, and climate commitments over the coming decades.