Leading Saudi utility major Acwa Power Company has announced that it has reached the financial close on the 300-megawatt (MW) Bash II Wind Farm in the Bukhara Region of Uzbekistan, securing $226 million (SAR847.5 million) in long-term financing.

The financing was provided by a consortium of international lenders comprising the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB) and Standard Chartered Bank (SCB), Acwa said in a filing on the Saudi bourse Tadawul.

The 21-year financing package will cover the development, construction, ownership and operation of the project through limited-recourse senior debt, it stated .

Guarantees are limited to Acwa’s standby equity commitment and a reserve account, in line with market practice for limited-recourse renewable energy projects in Uzbekistan, it added.-TradeArabia News Service