Tashkent, Uzbekistan (UzDaily.com) —  Joint Stock Company Uzkimyosanoat, the European Bank for Reconstruction and Development (EBRD), and the joint venture ACWA Power UKS Green H2 have signed loan and guarantee agreements.

A major investment project is being implemented in Uzbekistan to establish green hydrogen production in the Tashkent region, marking the first such project in the CIS and Central Asia. The project is a partnership between Uzkimyosanoat and Saudi company ACWA Power.

The project includes the installation of electrolyzers for hydrogen production and wind turbines to provide them with electrical energy. The project plans to build an electrolyzer facility with a capacity of 20 MW and a wind power plant with a capacity of 52 MW.

On 10 September 2024, a ceremony was held to sign the loan and guarantee agreements, attended by the leadership of Uzkimyosanoat, ACWA Power, and EBRD representatives.

The EBRD will provide a financial package of US$65 million (€58 million) to ACWA Power UKS Green H2, specifically established for the development, design, construction, and operation of this facility.

The financing package includes a senior loan of US$55 million (€49 million) from the EBRD and concessional financing of up to US$10 million (€9 million) from Canada through the High Impact Partnership on Climate Action (HIPCA) Fund. The EBRD also plans to provide a bridge loan for equity of up to US$5.5 million (€4.9 million).

In May 2024, pran investment agreement for the US$88 million Green Hydrogen oject was signed between the Ministry of Investments, Industry and Trade and ACWA Power.

The signing took place during the 32nd Annual Meeting of the EBRD Board of Governors in Samarkand.