Sumitomo Corporation Signs Project Financing Agreements for Uzbekistan's Largest Solar Power and Battery Energy Storage Project - With 1,000 MW solar power plants and 1,336MWh large-scale battery energy storage facilities -

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno) has, together with ACWA Power (Head Office: Riyadh, Kingdom of Saudi Arabia; Chairman: Mohammad Abunayyan; hereinafter "ACWA"), Shikoku Electric Power Co., Inc. (Head Office: Takamatsu, Kagawa Prefecture; President and CEO: Yoshihiro Miyamoto; hereinafter "Yonden") and Chubu Electric Power Co., Inc. (Head Office: Nagoya, Aichi Prefecture; President & Director: Kingo Hayashi; hereinafter "CHUBU"), signed project financing agreements with a group of banks including Japan Bank for International Cooperation, Asian Development Bank, European Bank for Reconstruction and Development, and Islamic Development Bank in relation to solar power and battery energy storage project in Uzbekistan (“the Project”). The portion financed by private financial institutions will be covered by Overseas Untied Loan Insurance provided by Nippon Export and Investment Insurance (NEXI).

The Project involves the construction, ownership and operation of solar power plants that can generate 1,000 MW, equivalent to the annual electricity consumption of approximately 600,000 households, and large-scale battery energy storage systems (BESS), with a total storage capacity of 1,336 MWh, located in the Samarkand and Bukhara regions of Uzbekistan. The Project will develop the largest combined solar photovoltaic and energy storage initiative in Uzbekistan to date. Construction is scheduled to be completed after 2027 and upon commercial operation, all electricity generated will be sold to Uzbekistan’s state-owned JSC National Electric Grid of Uzbekistan (NEGU) under a 25-year power purchase agreement. Through this Project, Sumitomo Corporation will contribute to Uzbekistan's energy transition by leveraging its experience in integrated renewable energy businesses, while accelerating the growth of its Energy Solutions business, one of the company's core growth areas under its current Medium-Term Management Plan.

The Importance of Renewable Energy in Uzbekistan

Uzbekistan possesses natural gas resources and has historically covered around 80 percent of its domestic electricity demand through gas-fired power generation. However, with population growth and economic development driving up electricity demand, the country faces challenges in ensuring a stable electricity supply while reducing its dependence on natural gas. The government of Uzbekistan has set a target of increasing the share of renewable energy to 30 percent of total power generation capacity by 2030 and is promoting the construction of solar power plants taking advantage of the country's high solar irradiation. BESS will play a vital role in stabilizing the power grid by storing generated electricity and adjusting supply to meet fluctuating demand.

Project Overview

Construction Sites

Sumitomo Corporation Initiatives in the Renewable Energy Sector

Sumitomo Corporation's equity share of renewable power generation capacity reached approximately 2 gigawatts as of the end of March 2025, supported by projects such as the completion of the Amunet Wind Power Plant in Egypt. Leveraging its accumulated expertise in solar and wind power projects in Japan and overseas, Sumitomo Corporation will continue contributing to Uzbekistan's energy transition through development of renewable energy projects in the country.

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