Renewable energy developer ACWA Power has closed a deal with seven international lenders for the provision of funding to develop a 1,500MW Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan.

The European Bank for Reconstruction and Development (EBRD), German Investment Corporation (DEG), Standard Chartered, Natixis, Société Générale, the OPEC Fund for International Development, and the Bank of China have agreed to provide funding for the $1 billion CCGT power plant to be developed in Sirdarya.

The seven institutions will provide a $750 million senior debt for the $1 billion project.

Once completed, the power plant will meet 15% of power demand in Uzbekistan and comprise 8% of all installed power capacity.

The project will offset 2.2 million tonnes of carbon dioxide emissions each year and will ensure the supply of affordable energy to consumers in Uzbekistan.

Moreover, the plant will help the government of Uzbekistan to move closer to its decarbonisation goals.

Paddy Padmanathan, president & CEO of ACWA Power, said: “The successful financial closure of Sirdarya CCGT in a challenging operating environment validates continued appetite for public-private partnerships and green investments.”