Project detail - ACWA Power Beruniy Wind FE LLC

Who is our prospective customer?

ACWA Power Beruniy Wind FE LLC (the “Company”) is a renewable energy company that will build, own, and operate an up to 200 MW wind-power plant and 100 MWh battery energy storage system (together the “Project”) in Uzbekistan. The Company is ultimately owned by ACWA Power, a publicly listed and prominent renewable energy and desalination developer, operating a portfolio of 87 power generation and desalinated water production plants spread over 13 countries in the Middle East and North Africa, Southern Africa, and Southeast Asia (with a credit rating of BBB- from Fitch and Ba3 from Moody’s, with stable outlook).

What is our funding objective?

FMO will provide a senior loan of up to USD 70 mln alongside other lenders. The proceeds of the long-term financing are earmarked for the investments needed for the construction of the Project. Such long-term funding is not available from local banks.

Why do we want to fund this investment?

The funding contributes to the Company’s construction and expansion of its renewable energy assets in the country, accelerating the sustainable energy transition in Uzbekistan. FMO classifies the investment as 100% green label.

What is the Environmental and Social categorization rationale?

FMO's E&S category for this transaction is B+, reflecting potential impacts on biodiversity, potential economic displacement, labor standards, and workers’ health and safety as well as potential wind turbine and Battery Energy Storage System supply chain Human Rights (“HR”) issues. According to the information currently available, the following IFC Performance Standards are triggered: PS 1: Assessment and Management of Environmental and Social Risks and Impacts; PS 2: Labor and Working Conditions; PS 3: Resource Efficiency and Pollution Prevention; PS 4: Community Health, Safety and Security; PS 5: Land acquisition and involuntary resettlement; PS 6: Biodiversity conservation and sustainable management of living natural resources; and PS 8: Cultural Heritage. IFC PS 7 (Indigenous Peoples) is not triggered as the baseline studies confirm that there are no indigenous people in the project area.