UAE-based energy company Masdar has successfully closed deals on three solar photovoltaic (PV) facilities with a total capacity of nearly 900MW in Uzbekistan.
The funding was offered by the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development and the European Investment Bank.
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The Dutch Entrepreneurial Development Bank, FMO, and ILX are serving as B loan participants.
Masdar plans to begin construction immediately on the three solar facilities, Sherabad, Samarkand and Jizzakh Solar. The project is to be the largest in the Central Asian region.
The solar projects will generate enough green electricity to power more than one million households, while offsetting over one million tonnes of carbon emissions annually.
Masdar chief financial officer Niall Hannigan said: “Reaching this milestone for all three projects is a proud moment for Masdar and a key stage for Uzbekistan’s clean energy journey.
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By GlobalData“Masdar is already playing a significant role in supporting the government of Uzbekistan’s ambitious renewable energy objectives, and we look forward to continuing to grow our portfolio of projects in this key strategic market.
“This achievement would not have been possible without the support of the government of Uzbekistan and the International Renewable Energy Agency, as well as our financial partners, who have demonstrated unwavering commitment to driving sustainable economic growth for the people of Uzbekistan.”
Uzbekistan aims to develop 7GW of solar and 5GW of wind capacity by the end of this decade, to meet its objective of sourcing 25% of its electricity from renewable sources.
