Total Eren Protects Funding for 100 MW Solar Project in Uzbekistan

May 11, 2021 06:38 PM ET
  • Total Eren has actually successfully authorized the financing documentation for its solar photovoltaic project Tutly with 100 MWac ability in Uzbekistan

Total Eren, a leading renewable resource Independent Power Producer (IPP) based in Paris, has announced that it has successfully authorized the funding documents related to its solar photovoltaic or pv (PV) project Tutly with 100 MWac ability.

The financings totaling EUR 87.4 M are supplied by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and Proparco, an affiliate of the French Development Agency (AFD).

Laurence Juin, EVP and CFO of Total Eren, claimed "we delight in to have actually efficiently settled the financing of our first solar project in Uzbekistan, and I wish to say thanks to the Uzbek authorities and our lenders, EIB, EBRD and Proparco, for their support, as well as our groups in Tashkent and Paris for their effort. Total Eren is proud to be one of the initial IPP to develop, build, and fund a solar project in Uzbekistan to provide the population with low-carbon electricity and help reduce the country's dependence on nonrenewable fuel sources. We aspire to appoint the Tutly solar farm and to develop various other renewable energy projects in Uzbekistan and in the region."

The construction of the solar farm, located in the Samarkand region of Uzbekistan, has currently started. Found about a hundred kilometers East of the city of Samarkand, the Tutly solar farm was totally developed by Total Eren. It is just one of the first renewable resource projects in Uzbekistan and among the first IPP projects to be integrated in the nation.

Based on the firm, the development stage has been completed in a record time thanks to distinct teamwork and assistance from the Uzbek authorities.

EIB financed the project via a EUR 43.7 million financing, while EBRD and Proparco respectively added with two loans of concerning EUR 21.8 million each. The electrical energy created by Tutly was gotten to the National Electric Networks of Uzbekistan via a 25-year Power Purchase Agreement (PPA). The power plant is expected to start feeding power to the grid at the end of 2021.

Complete Design, Procurement & Construction (EPC) agreements were authorized with METKA EGN, the Renewables & Storage Development (RSD) Business Unit of MYTILINEOS, a leading Greek industrial business with activities in the fields of EPC projects, metallurgy and power

Once finished, the nuclear power plant is expected to generate 270 GWh annually, the solar farm will additionally sustain local lasting growth and contribute to neighborhood work, with greater than 300 employees on website during the construction phase and 15 permanent jobs produced for the procedure phase.

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