World Bank funds Uzbekistan's first solar-storage project

May 22, 2024 09:32 AM ET
  • World Bank backs Uzbekistan's first solar project with energy storage, led by Masdar. A game-changer in Central Asia's renewable energy landscape.

The World Bank Group has approved a financial package to support the construction and operation of a 250-MW solar project with 63 MW of energy storage in Uzbekistan, developed by Masdar and the local government. The project will be located in the Alat district of the Bukhara region and will be Central Asia's first renewable energy initiative with an integrated battery energy system component.

The financing package includes a loan from the International Finance Corporation and loans from the Asian Development Bank, Dutch Entrepreneurial Development Bank, and Japan International Cooperation Agency. The World Bank is also providing a guarantee to support the government's payment obligations under the project. Masdar will be responsible for developing, financing, building, owning, operating, and maintaining the facility, with the output to be sold to the National Electric Grid of Uzbekistan under a 25-year power purchase agreement.

What organizations are providing financial support for Uzbekistan's first integrated solar and energy storage project?

  • International Finance Corporation
  • Asian Development Bank
  • Dutch Entrepreneurial Development Bank
  • Japan International Cooperation Agency

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