The Asian Development Bank ( ADB ), together with Acwa Power, Sumitomo Corporation, Chubu Electric Power, and Shikoku Electric Power, has signed a financing package to build two utility-scale solar power plants with battery energy storage systems ( BESS ) in Uzbekistan.

The Samarkand 1 and 2 Solar PV and BESS Projects will be developed across the Samarkand and Bukhara regions of the country.

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

To further enhance bankability and reduce risk, ADB will also provide up to US$85 million in credit guarantees that backstop the offtaker’s tariff payment obligations. These guarantees, backed by the government of Uzbekistan, were instrumental in mobilizing more than US$1.2 billion in total private and partner capital for the projects.

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.

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

“ADB is pleased to support Uzbekistan in advancing one of the most significant renewable energy initiatives in Central Asia,” says ADB president Masato Kanda. “These solar and battery plants demonstrate the power of partnership and innovation, delivering reliable, affordable, and sustainable energy while cutting emissions. By combining technical ambition with financial ingenuity, the collaboration sets a strong precedent for Central Asia’s clean energy transition.”

The projects will add 1,000 megawatts of solar capacity and about 1,336 megawatt-hours of BESS. They will also include transmission lines and two new substations to strengthen grid stability and connectivity.