The Project will be majority owned by ACWA Power Company (“ACWA” or the “Sponsor”). ACWA is a large, highly experienced developer and operator of utility-scale power and water projects globally. ACWA has a portfolio of 81 multi-stage private power and water projects with a cumulative capacity of 55.1 GW power and 7.6 million m3 per day of desalinated water across 12 countries globally.

The project cost is estimated to be around US$1.4 billion across the two sub-projects, with an expected Debt to Equity split of 75:25. ACWA intends funding up to US$240 million of its Equity contribution through EBLs to the projects.

The proposed investment involves a 4-year loan of (i) approximately US$228 million from IFC’s own account, and (ii) approximately US$12 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (“MCPP”)

 The Project is composed of two sub-projects: Samarkand 1, which includes 100MW Solar PV located 3km southeast of Sazagan city, 400MW Solar PV located 7 km south of Gallyakuduk City and a 500 MWh BESS plant, located 19km east of city of Samarkand. Samarkand 1 sub project will cover a total land of 1,041 hectares in the Samarkand region. Samarkand 2, which includes a 500MW Solar PV plant located 14 km east of Maydayap city in the Samarkand region and a 500 MWh BESS plant located in the outskirt of Karakul city in the Bukhara region. Samarkand 2 will be covering a land of 1,112 hectares                                                  

 This is a Category A project as per IFC's Policy on Environmental and Social Sustainability, as the project activities have the potential to cause significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented. The proposed investment involves the construction and operation of a large-scale solar energy project and associated power transmission lines, which entail potential risks related to workers' conditions and supply chain risks, use of natural resources, community health and safety, land acquisition, and biodiversity.

Key E&S aspects associated with the project are: (i) adequacy of E&S assessments in line with IFC PS; (ii) E&S oversight capacity during the construction phase of the Project to be undertaken by external contractors; (iii) potential labor influx (iv) corporate and project-specific Environmental and Social Management System (ESMS); (v) labor and working conditions; (vi) management of supply chain risks; (vii) use of natural resources; (viii) land acquisition and involuntary resettlement; (iv) potential biodiversity impacts; (x) cumulative impacts; (xi) stakeholder engagement and community grievance mechanism.