The OPEC Fund for International Development (OPEC Fund) has entered into two separate loan agreements worth $20 million each with ACWA Power.

These new facilities will contribute to the country’s renewable energy generation capacity, while also reducing greenhouse gas emissions and diversifying its energy mix, Emirates News Agency writes.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, “Increasing private sector participation is key to supporting Uzbekistan’s ambitious energy transition. We are happy to cooperate with the authorities as well as with our development and private sector partners on energy sector projects that will boost the share of renewables in energy generation and provide reliable and affordable clean energy”.

To date, the OPEC Fund has provided close to US$600 million public and private sector financing in support of Uzbekistan’s sustainable growth agenda in line with its country partnership strategy. Supported by grants, this funding has helped the sustainable development of the energy, water and sanitation, agriculture, transport, education and financial sectors with a focus on small and medium-sized enterprises.

UzA