Masdar has reached financial close on the Sherabad, Samarkand, and Jizzakh solar power projects in Uzbekistan, which have a combined capacity of about 900MW.
The UAE-based renewable energy company said that construction will imminently start on the three solar photovoltaic (PV) projects.
The Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), Asian Infrastructure Investment Bank (AIIB), and the European Investment Bank (EIB) are providing the financing for the solar power plants.
The Dutch Entrepreneurial Development Bank, ILX, and FMO, are serving as B loan participants.
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. 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.”
The Sherabad solar project is the largest of the three facilities with a capacity of 457MW. It will be built in the Surkhandarya region and is expected to provide electricity to 495,000 households.
The Samarkand and Jizzakh solar projects will have a power generation capacity of 220MW each. The projects will be built in the Samarkand region and Djizzakh region, respectively.
Put together, the three solar power plants in Uzbekistan will generate enough electricity to power over a million homes. They will also help the country in offsetting CO2 emissions of more than one million tonnes per year.
The Sherabad, Samarkand, and Jizzakh solar power plants are anticipated to be commissioned next year.
In late 2022, Masdar announced that it will build a 10GW onshore wind project alongside its partners in Egypt.
