Category: 3. Business

With its dramatic, rugged mountain skyline, winding roads and ever-changing weather, the Isle of Skye has long appealed to lovers of the wild. Over the last decade, however, the largest island in the Inner Hebrides has been drawing visitors for other reasons – its dynamic food and drink scene. Leading the way are young Sgitheanach (people from Skye) with a global outlook but a commitment to local, sustainable ingredients. It’s also the result of an engaged community keen to create good, year-round jobs that keep young people on the island.

Calum Montgomery is Skye born and bred, and he’s passionate about showcasing the island’s larder on his menus at Edinbane Lodge. “If someone is coming to Skye I want them to appreciate the landscape, but also the quality of our produce,” he says. “Our mussels, lobster, scallops and crab are second to none.” Montgomery is mindful of the past: “It means everything to me to use the same produce as my ancestors. My grandpa was a lobster fisherman and we’re enjoying shellfish from the same stretch of water, with the same respect for ingredients.”

Montgomery’s A Taste of Skye menu lists the distances his produce has travelled. I eat fat scallops hand-dived in Loch Greshornish (zero miles), and creel-caught lobster from Portree (12 miles) with vegetables, foraged herbs and edible flowers from the kitchen garden and seashore (zero miles). That connection to produce and producers is key. “Last week I took a young chef out with a scallop diver so he could learn what they do. We shucked scallops straight from the water and ate them raw with a squeeze of lemon. ‘That’s the best scallop I’ve ever eaten,’ he said. That’s what we want to bring to the restaurant.”

Driving south, in the shadow of the mighty Cuillin mountains, I meet another culinary ambassador for Skye, Clare Coghill, at Café Cùil. This year Coghill represented Scotland at Tartan Week in New York, serving lobster rolls with whisky butter, and haggis quesadillas from a Manhattan food truck. She initially launched Café Cùil in Hackney, London. Returning home to Skye during the pandemic, a series of pop-ups proved there was a market here too.

Over a machair matcha (topped with dried machair flowers) and delicious blood orange-cured trout, Coghill tells me: “I’m really proud I opened in London, but I couldn’t do what I can do here. Getting fresh ingredients was a huge mission, but here the scallops come straight from the sea to my door. My creel fisherman only speaks to me in Gaelic.” Her love of Skye’s produce, people and landscape is clear across her colourful, creative dishes, all imbued with local flavours, with a twist of Gaelic. “My connection to Gaelic culture and language is so important,” she says. Visitors can use little lesson cards on the tables to learn a few words while they eat.

Skye’s more longstanding food destinations are not resting on their laurels. Kinloch Lodge, a boutique hotel run by Isabella Macdonald in her family’s ancestral home, has long been a foodie destination. Isabella’s mother, Claire, Lady Macdonald OBE, writes well-loved books on Scottish cookery.

The kitchen continues to innovate, with a dynamic young team led by head chef David Cameron. When they’re not in the kitchen the chefs grow herbs and spices in the hotel greenhouse, and forage for wild greens in the gardens and sea herbs like sea aster and scurvygrass from the shoreline of Loch na Dal. In autumn they follow deer trails to find mushrooms in the woods.

I feast on Skye scallops, pak choi and peanuts in a delicious dashi; Shetland cod with Scottish asparagus, and house-smoked lobster. Kinloch’s ghillie, Mitchell Partridge, takes guests out for activities including foraging and fishing “There’s a huge appetite for experiences from our guests,” says Macdonald. “People want to come and really get to know the island and the landscape.”

The whisky industry is also helping to keep young people on Skye, in jobs that last beyond the peak tourism months. Dougie Stewart, operations manager at Torabhaig distillery, tells me: “The fish farm was a big employer in the past, but now most of the jobs are automated. House prices have gone up so much it’s harder for young people to stay. The whisky industry has become a really important employer.”

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“Distillers wanted, no experience necessary” was the notice that a then 21-year-old Iona Fraser spotted in her local paper, landing her a job at Torabhaig. “I just took a punt,” she says, “I never thought I’d get a production job, but it was a dream of mine.” Fraser had an interest in whisky, but no relevant qualifications. “To be able to train onsite and learn online was amazing.” Today she is a senior distiller, helping to train new distillers, and has recently created her own whisky using a chocolate malt, which is maturing in barrels when I visit. In other distilleries, that’s an honour usually reserved for retiring distillers. The visitor centre and cafe employ many people from around the Sleat peninsula. “We meld into the community because we brought the community here,” says tour guide manager Anne O’lone.

To pick up supplies for my journey home I stop by Birch, a speciality coffee roaster and bakery serving gleaming pastries and colourful brunch dishes. It’s owned by Niall Munro, who also founded the hugely successful Skye Live music festival. His brother Calum Munro is chef-owner at fine-dining restaurant Scorrybreac in Portree, somewhere I’m desperate to try, but I’ve sadly run out of mealtimes. More local success stories, and incredible food.

“We’re all deeply rooted in Skye,” says Calum Montgomery. “A lot of us left and worked elsewhere. We’d be seeing the produce we knew arrive miles from where it was landed, and it’s just not as good as what we grew up eating. I’m so proud of the whole place now.”

Journeying across Skye, I’m constantly asked where I’ve been and where I’m eating next. It’s a real testament to this food community that everyone is keen to champion other island businesses. It’s collaborative, not competitive, and the quality? Skye-high.

Accommodation was provided by Perle Hotels. Luxury pods at Bracken Hide in Portree from £145 B&B, double rooms at the Marmalade Hotel from £125 B&B

Amsterdam,

ING announced today that Ida Lerner will be appointed as chief financial officer (CFO) of ING. Until recently, Ida served as CFO at Norwegian bank DNB. She will succeed Tanate Phutrakul, who will step down from his position at ING’s annual general meeting in April 2026 as announced in July 2025.


Effective 1 April 2026, Ida will be appointed as member of the Management Board Banking. The Supervisory Board will propose to shareholders to appoint her as member of the Executive Board and as CFO of ING Group at the Annual General Meeting in April 2026.


Ida (Swedish/Norwegian) has been DNB’s CFO since 2021. She joined the bank in 2007. Before taking the position as CFO, she served as head of DNB for the Central & Eastern Europe, Middle East & Africa region based in London, chief of Customer Analysis in Northern Europe, Middle East & Africa and group executive vice president for Risk Management. Prior to joining DNB, she worked in various roles at HSBC and Nordea. Ida holds a Bachelor in Social Sciences, with an emphasis on economics from the University of Stockholm.

Steven van Rijswijk, CEO of ING, commented: “We are delighted to welcome Ida to ING’s executive team. Her experience as CFO at a large listed bank will be instrumental as we continue to execute our strategy and strengthen our position as a digital and sustainable bank. Ida’s deep knowledge of European banking will be a great addition to ING, and I look forward to working together to accelerate our strategic ambitions.”

Ida Lerner said: “I’m honoured to be joining ING at a time of growth, and with a clear ambition to become the best European bank. ING’s commitment to innovation, sustainability and customer empowerment aligns strongly with my values. Together with the Management Board Banking and our global teams, I’m excited to help steer ING’s financial strategy and support its purpose of empowering people to stay a step ahead in life and in business.”

The appointment of Ida has been approved by the European Central Bank.

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ING PROFILE

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

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At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future

Major developments Q3 2025:

• Brand adidas grows 12% currency-neutral, leading to record net sales of € 6.6 billion
• Broad-based double-digit growth across markets, divisions, categories, and channels
• Gross margin improves 0.5 percentage points to 51.8%, despite unfavorable effects from currencies and tariffs
• Operating profit up 23% to € 736 million
• Operating margin improves 1.8 percentage points to 11.1%
• Net income of € 485 million, as hyperinflation-related effects weigh on financial result

Major developments 9M 2025:

• Brand adidas grows 14%, with double-digit increases in all markets and channels
• Operating profit up 48% to € 1.9 billion, reflecting an operating margin of 10.1%
• Net income increases 52% to € 1.3 billion

Increased outlook for FY 2025:

• Double-digit currency-neutral revenue growth for adidas brand
• Company revenues to increase by around 9% (previously: high-single-digit increase)
• Operating profit to increase to around € 2.0 billion (previously: € 1.7 – € 1.8 billion)

adidas CEO Bjørn Gulden:
“I am extremely proud of what our teams achieved in the third quarter with actually record revenues. 12% growth for the adidas brand leading to total revenue of € 6.63 billion is the highest we have ever achieved as a company in a quarter. I am especially happy to see that our performance business is growing strongly across categories and in all regions.

The environment is volatile with the tariff increases in the US and a lot of uncertainty among both retailers and consumers around the world, but our teams work hard, and our brand and our products resonate well with consumers.

Given the positive development in Q3, we have narrowed our top-line guidance and raised our full-year EBIT outlook from between € 1.7 billion and € 1.8 billion to around € 2.0 billion. 

2025 is a success for us already. 14% growth for the adidas brand year-to-date and an EBIT margin above 10% is proof how strong our brand is. Being a global brand with a local mindset, empowering our markets to win their local consumers is the right strategy to be globally successful and is driving these strong results. 

The focus is now on transitioning well into 2026, which will be another exciting sports year with the Winter Olympics right at the beginning, the biggest Football World Cup ever, and many more great events to look forward to.

adidas is a sports company that connects sports and street culture. We sell performance, comfort, and lifestyle. We see global demand for all these segments continue to grow. That is why we look positive into the future!”

Third-quarter results

adidas brand with 12% currency-neutral growth in Q3
In the third quarter of 2025, currency-neutral revenues for the adidas brand increased 12% versus the prior year, or more than € 700 million in absolute terms, reflecting its continued and broad-based momentum. Having completed the sale of the remaining Yeezy inventory at the end of last year, the company’s results for the third quarter of 2025 do not include any Yeezy revenues (2024: around € 200 million). Including Yeezy sales in the prior year, currency-neutral revenues increased 8%. In euro terms, revenues reached a record level of € 6,630 million (2024: € 6,438 million) in the quarter, despite the strengthening of the euro against several currencies, which led to an unfavorable translation impact of more than € 300 million.

Double-digit increase in both footwear and apparel
Footwear revenues for the adidas brand grew 11% during the quarter on a currency-neutral basis. The broader and deeper product offering drove double-digit footwear growth in major sports categories, including Running, Football, Training, and Specialist Sports. Strong growth in Originals and Sportswear also contributed to the increase in footwear. Apparel sales grew 16% during the quarter as brand and product momentum continued to expand. Differentiated and locally relevant apparel collections fueled double-digit increases in Originals, Football, Running, Specialist Sports, and US Sports. Accessories grew 1% during the quarter.

Double-digit growth in both Performance and Lifestyle
Performance revenues increased 17% on a currency-neutral basis during the third quarter, led by strong double-digit growth in Running and Football. Momentum in Running increased further with growth of more than 30%, driven by Adizero. The Adios Pro Evo 2 and Adios Pro 4 secured multiple marathon victories, including wins in Tokyo, Berlin, and Chicago, while the Prime X Evo concept shoe broke the six-hour barrier, setting a new world record for the 100 kilometers at the ‘Chasing 100’ project in Italy. Given these strong performance credentials, adidas continued to expand its successful Evo SL franchise, offering Adizero features at a compelling price point, and also recorded growth in everyday running franchises such as Supernova. In Football, growth was fueled by new season on-pitch kits and culturally inspired collections for the brand’s major clubs. The launch of a wide range of product for Liverpool FC, the brand’s latest addition to its unique portfolio of partners, was particularly successful across the globe. Updated packs for the F50 and Predator footwear franchises further drove excitement and growth. adidas players Ousmane Dembélé, Aitana Bonmatí, Gianluigi Donnarumma, Lamine Yamal, and Vicky López all having been awarded at the Ballon d’Or provided positive halo effects across the brand’s entire Football offering. Several other categories, including Training, Specialist Sports, US Sports, and Motorsport also contributed to the broad-based growth in Performance on the back of product innovation and newness that resonate strongly with consumers. Examples include the Dropset and Rapidmove footwear franchises for strength athletes, broader and deeper offerings for credibility sports such as American football, tennis, swimming, rugby, and field hockey, or the extensive merchandise collection in partnership with the Mercedes-AMG PETRONAS Formula 1 team. 

Lifestyle revenues for the adidas brand increased 10% on a currency-neutral basis in the third quarter, driven by double-digit growth in Originals. The popular Terrace franchises continued to see healthy demand backed by seasonal updates in colorways, materials, and new collaborations that cater to local consumer tastes. At the same time, the brand’s Low Profile offering continued to expand, with growth driven by updated looks for the Tokyo, Japan, and Taekwondo franchises, including animal-print and metallic iterations, as well as football- and ballet-inspired styles. After relaunching one of its most iconic franchises earlier this year, the brand also began to sequentially scale the Superstar, backed by a global campaign and market-led activations. In addition to evolving its classics footwear business, adidas continued to evolve its lifestyle running and lifestyle football offerings. Following successful activations, including the sought-after Pharrell Williams Adistar Jellyfish, the brand started to make silhouettes such as the Adistar Control, Goukana, and Megaride, as well as street-ready versions of the Predator and F50 more widely available. Building on the broad-based footwear momentum, Originals’ apparel offering continued to gain traction. The Firebird and Teamgeist collections see particularly strong demand, driven by their heritage and the use of differentiated materials such as knit and denim, as well as bold colors. Collaborations with Oasis, Wales Bonner, Edison Chen, Sporty & Rich, and collections created with several retail partners further supported growth in Originals. In Sportswear, increases were driven by growing demand for the brand’s commercial range, while innovative products such as the 3D-printed Climacool shoe and the revamped Z.N.E. apparel collection complemented the brand’s portfolio of sport-inspired lifestyle products.

Strong growth across all markets
In terms of regional performance during the third quarter, currency-neutral net sales for the adidas brand grew 12% in Europe, driven by double-digit growth in both wholesale and the brand’s direct-to-consumer (DTC) business. Revenues in Greater China (+10%), Emerging Markets (+13%), Latin America (+21%), and Japan/South Korea (+11%) were also up double-digits, with particularly strong increases in the company’s DTC channels in all regions. Revenues for the adidas brand in North America were up 8%, reflecting double-digit growth in both footwear and apparel, while accessories sales declined during the quarter.

Double-digit growth across all channels
From a channel perspective, growth for the adidas brand was equally broad-based with double-digit increases in all channels. Strong sell-through rates in our retail partners’ stores and increased shelf space allocations continued to drive wholesale revenues, which increased 10% on a currency-neutral basis. Own retail revenues were up 13%, driven by strong like-for-like growth in the company’s global fleet of own stores and continued investments into retail doors. E‑commerce sales increased 15%, with a continued focus on full-price propositions and on top of more than 25% growth in the prior-year quarter. As a result, sales in the brand’s DTC business grew 14% in Q3.

Gross margin improves 0.5 percentage points to 51.8%
The company’s gross margin increased 0.5 percentage points to 51.8% during the third quarter (2024: 51.3%). The positive development was mainly driven by lower product and freight costs, a better business mix, as well as continued strong sell-throughs, which more than offset the negative impacts from unfavorable currency fluctuations and higher US tariffs.

Continued brand investments and overhead discipline
Other operating expenses decreased by 3% to € 2,740 million in the third quarter (2024: € 2,837 million). As a percentage of sales, other operating expenses decreased 2.7 percentage points to 41.3% (2024: 44.1%). Marketing and point-of-sales expenses were up 10% to € 798 million (2024: € 724 million) as brand investments remained a priority. Next to ‘You Got This,’ its overarching brand campaign, adidas executed several dedicated product campaigns. These featured growing franchises such as the Superstar and Evo SL and involved a multitude of market-led physical events to connect with local sport and streetwear culture. In addition, the increase in marketing expenses reflects new and extended partnerships. Recent brand partner signings include Liverpool FC, the future Audi Formula 1 team, Jeremiah Smith, Penn State, and Tennessee Athletics. As a percentage of sales, marketing and point-of-sale expenses were up 0.8 percentage points to 12.0% (2024: 11.2%). Operating overhead expenses decreased 8% to € 1,943 million (2024: € 2,114 million), as the company continued to invest into its sales and distribution capabilities while managing its overall cost base. As a percentage of sales, operating overhead expenses decreased 3.5 percentage points to 29.3% (2024: 32.8%), reflecting strong operating leverage.

Operating profit growing to € 736 million reflects operating margin of 11.1% in Q3
The company’s operating profit increased by 23% to € 736 million in the third quarter (2024: € 598 million), reaching an operating margin of 11.1%, up 1.8 percentage points compared to the previous year (2024: 9.3%). Having completed the sale of the remaining Yeezy inventory at the end of last year, there was no Yeezy contribution to the company’s operating profit in the quarter (2024: around € 50 million).

Net income from continuing operations increases to € 482 million
Net financial expenses amounted to € 86 million (2024: net financial income of € 4 million), with the development mainly driven by currency and hyperinflation-related effects. Financial expenses had fallen significantly in the prior-year quarter due to favorable currency and hyperinflation-related effects. In contrast, the company recorded a significant negative impact from currency and hyperinflation-related effects in Q3 this year and financial expenses increased accordingly. Against an income before taxes of € 650 million (2024: € 601 million), the company recorded income taxes of € 169 million (2024: € 133 million). The tax rate reached 25.9% (2024: 22.1%), reflecting timing effects related to the recognition of withholding taxes. As a result, net income from continuing operations increased by 3% to € 482 million (2024: € 469 million) and led to basic and diluted EPS from continuing operations of € 2.57 (2024: € 2.44).

First nine months results

adidas brand revenues up 14% currency-neutral in the first nine months of the year
Currency-neutral revenues for the adidas brand increased 14% in the first nine months of 2025, or more than € 2.2 billion in absolute terms. Having completed the sale of the remaining Yeezy inventory at the end of last year, the company’s results for the first nine months of 2025 do not include any Yeezy revenues (2024: more than € 550 million). Including Yeezy sales in the prior year, currency-neutral revenues increased 10%. In euro terms, revenues were up 6% to € 18,735 million (2024: € 17,718 million), as currency developments had an unfavorable translation impact.

Strong adidas brand momentum drives double-digit growth in footwear and apparel
Footwear revenues for the adidas brand increased 14% on a currency-neutral basis during the first nine months of the year, reflecting strong double-digit growth in Originals, Sportswear, Running, Training, Performance Basketball, and Specialist Sports. Apparel sales grew 14%, led by double-digit growth in Originals and Running, while Football, Training, Golf, Specialist Sports, and Sportswear also posted strong increases. Accessories grew 6% during the first nine months of the year.

adidas brand with double-digit growth in all markets
In the first nine months of 2025, currency-neutral revenues for the adidas brand increased at double-digit rates in all markets. Europe grew 11%, North America was up 12%, and Greater China also increased 12%. In addition, Latin America (+24%), Emerging Markets (+17%), and Japan/South Korea (+14%) also recorded double-digit increases. 

adidas brand up double digits across all channels
From a channel perspective, the adidas brand also showed strong and broad-based growth in the first nine months of 2025. Wholesale revenues increased 14% on a currency-neutral basis and the DTC business grew 13%. Within DTC, own retail revenues were up 12% and e‑commerce sales increased 14%. 

Gross margin improves 0.8 percentage points to 51.9%
During the first nine months of the year, the company’s gross margin increased 0.8 percentage points to 51.9% (2024: 51.1%). The year-over-year increase of the adidas brand gross margin was even stronger. The positive development was mainly driven by lower product and freight costs, a better business mix, as well as continued strong sell-throughs, which more than offset unfavorable impacts from currencies and higher tariffs. 

Operating margin of 10.1% in the first nine months of 2025
Other operating expenses decreased by 1% to € 7,905 million (2024: € 7,953 million) in the first nine months of 2025. As a percentage of sales, other operating expenses decreased 2.7 percentage points to 42.2% (2024: 44.9%). Marketing and point-of-sale expenses were up 8% to € 2,255 million (2024: € 2,087 million). As a percentage of sales, marketing and point-of-sale expenses increased 0.3 percentage points to 12.0% (2024: 11.8%). Operating overhead expenses decreased 4% to € 5,650 million (2024: € 5,866 million). As a percentage of sales, operating overhead expenses decreased 2.9 percentage points to 30.2% (2024: 33.1%). As a result, the company’s operating profit increased 48% to € 1,892 million (2024: € 1,280 million), reflecting an operating margin of 10.1%, up 2.9 percentage points compared to the previous year (2024: 7.2%). Having completed the sale of the remaining Yeezy inventory at the end of last year, there was no Yeezy contribution to the company’s operating profit in the first nine months of 2025 (2024: around € 150 million). Net income from continuing operations increased by 52% to € 1,293 million (2024: € 851 million), while basic and diluted earnings per share from continuing operations increased to € 7.04 (2024: basic earnings per share from continuing operations of € 4.50; diluted earnings per share from continuing operations of € 4.49).

Average operating working capital as a percentage of sales at 21.9%
Inventories increased 21% to € 5,471 million as at September 30, 2025 (2024: € 4,524 million) and were up 26% in currency-neutral terms. In addition to the support for the planned top-line growth, this development reflects the low comparison base in the prior year, earlier product purchases for World Cup-related products, as well as faster inbound deliveries. Current or future season products continue to account for the vast majority of the inventory position. Operating working capital was up 26% to € 6,179 million (2024: € 4,886 million) and average operating working capital as a percentage of sales increased 1.3 percentage points to 21.9% (2024: 20.6%). 

Healthy leverage ratio of 1.6x
Cash and cash equivalents amounted to € 1,030 million at September 30, 2025 (2024: € 1,781 million), reflecting the increased dividend payout in May and operating working capital investments in the first nine months of 2025. Adjusted net borrowings increased 14% to € 4,787 million at September 30, 2025 (2024: € 4,211 million), mainly due to the decline in cash and cash equivalents. The company’s ratio of adjusted net borrowings over EBITDA decreased to 1.6x (2024: 2.1x).

Full-year outlook

Increased outlook with operating profit now expected to reach around € 2.0 billion
On October 21, adidas upgraded its full-year financial guidance. For the full year, the company continues to expect double-digit currency-neutral revenue growth for the adidas brand. Including Yeezy sales in the prior year (2024: around € 650 million), currency-neutral revenues are now expected to increase by around 9% (previously: increase at a high-single-digit rate). The company’s operating profit is now expected to increase to a level of around € 2.0 billion (previously: to reach a level of between € 1.7 billion and € 1.8 billion). The improved profitability outlook reflects continued brand momentum, the better-than-expected business performance, as well as the company’s successful efforts to partly mitigate the additional costs resulting from increased US tariffs.

A solar farm built in the countryside could power more than 18,000 homes a year, a developer said.

Renewable Connections Developments wants to install panels on about 96 hectares (237 acres) of farmland off Treading Bank, near Gorefield in Cambridgeshire.

It said there was a “significant” need for more solar farms and after 40 years the land would be returned to agricultural use.

Plans for the Treading Bank Solar Farm have been submitted to Fenland District Council.

The planning documents stated the site would be linked directly to the electricity grid and said there were no proposals for a battery storage system on site.

The developer highlighted government targets to reduce emissions and that decarbonising the power sector “is integral to achieving this goal”, the Local Democracy Reporting Service said.

The plans said the farmland where the solar farm was proposed was mostly made up of a mix of “good quality” and “very good quality” agricultural land.

The developer said it had looked at other sites but concluded there were no other “suitable and available” places to build it that would make a “comparable contribution to renewable energy”.

A spokesperson wrote in the application: “At the end of the operational lifespan (circa 40 years), the solar panels and other infrastructure would be removed, and the site restored back to full agricultural use.”

Jenny Urquhart

Temu

• EBRD providing US$ 142 million for major renewable-energy and battery development in Uzbekistan
• Funds will help to construct 1 GW of solar and 1,336 MWh of battery energy storage capacity
• New solar plants will be owned by ACWA Power and Japanese investors

The European Bank for Reconstruction and Development (EBRD) is providing a comprehensive financing package of US$ 142 million (€121 million) for two special-purpose vehicles (SPVs) that will develop Uzbekistan’s and Central Asia’s largest combined solar photovoltaic and battery energy storage project to date.

The two SPVs (ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2) will be majority owned by ACWA Power – an international developer, investor, co-owner and operator of a portfolio of power-generation and desalinated-water-production plants. The SPVs will be co-owned by Sumitomo Corporation, Shikoku Electric Power Company and Chubu Electric Power Company. The investment marks the first foray into renewable-energy and battery energy storage systems (BESSs) in Uzbekistan by the Japanese investors. 

The financing package consists of two senior secured loans. The first loan, of US$ 61 million (€52 million equivalent), will be provided to ACWA Power Sazagan Solar 1 for the development, construction and operation of a 500 MW solar photovoltaic power plant and a 668 MWh BESS in the Samarkand region of Uzbekistan. The second loan, of US$ 81 million (€69 million equivalent), will be made available to ACWA Power Sazagan Solar 2 for the development, construction and operation of a 500 MW solar photovoltaic power plant in the Samarkand region and a 668 MWh BESS in Uzbekistan’s Bukhara region.

The project is expected to be co-financed by the Japan Bank for International Cooperation, Nippon Export and Investment Insurance covered lenders, the Asian Development Bank and Islamic Development Bank. Together, the two SPVs will introduce the largest combined solar photovoltaic (1 GW) and BESS (1,336 MWh) capacity in Uzbekistan and across the region. This unprecedented deployment of BESS capacity will help the grid to mitigate the intermittency of renewable energy sources. The BESS technology will improve grid reliability and flexibility by making additional energy capacity available during periods of peak demand. 

The project will contribute to the government’s renewables plan, which is supported by the EBRD and targets the development of 25 GW of solar and wind capacity by 2030. Once commissioned, the new renewable energy capacity is expected to generate around 2,300 GWh of electricity per year that can power 600,000 households annually. 

The EBRD is a major financier of green energy projects in Uzbekistan. To date the Bank has supported 1.65 GW of wind capacity, 1.4 GW of solar photovoltaic and 334 MW/501 MWh of BESS in the country – projects sponsored by experienced international developers.  

The EBRD has invested over €5.35 billion in Uzbekistan to date across 188 projects, with the majority of this funding supporting private entrepreneurship, contributing to the country’s economic development.