Masdar to build 900MW Uzbekistan PV triad

Apr 6, 2023 11:31 AM ET
  • Banks including ADB as well as EBRD are providing financing for the Sherabad, Samarkand as well as Jizzakh projects
Masdar to build 900MW Uzbekistan PV triad
Image: Unsplash/Science in HD

Masdar is continuing to the building stage of 3 solar projects in Uzbekistan, totalling 900MW, having attained financial close on the sites.

Financing for the Sherabad (457MW), Samarkand (220MW) and Jizzakh (220MW) projects is being provided by the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), as well as the European Investment Bank (EIB).

In 2021, Masdar authorized agreements with Uzbekistan's Ministry of Investments, Industry and also Trade, and the JSC National Electric Grid to develop, financing, construct and also operate three utility-scale solar projects.

The projects are anticipated to start procedures in 2024.

The Dutch Entrepreneurial Development Bank, FMO, and also ILX are working as B finance participants.

Masdar's chief financial officer Niall Hannigan said: "Reaching this turning point for all three projects is a proud moment for Masdar as well as a key stage for Uzbekistan's clean energy journey.

" Masdar is already playing a considerable function in sustaining the Government of Uzbekistan's enthusiastic renewable energy objectives, as well as we expect remaining to expand our portfolio of projects in this key strategic market.

" This success would certainly not have been feasible without the support of the Government of Uzbekistan as well as the International Renewable Resource Agency, in addition to our financial companions, who have demonstrated unwavering dedication to driving lasting financial development for individuals of Uzbekistan."

Masdar authorized an agreement during last year's COP27 climate seminar to join IRENA's Energy Transition Accelerator Financing (ETAF) platform, with the intention of potentially releasing approximately $200m equity investment on renewable resource projects.

Masdar and also AIIB have devoted resources to the Uzbekistan projects under the ETAF campaign. ETAF is a multi-stakeholder climate finance platform, targeting the release of 5GW of new renewable power in creating nations by 2030.

Uzbekistan is targeting the development of 7GW of solar and also 5GW of wind capacity by 2030.

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