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Masdar reaches financial close for three Uzbek solar projects

6 April 2023

Abu Dhabi-based Masdar has reached financial close for three solar photovoltaic (PV) projects in Uzbekistan.

The plants’ combined capacity will be about 900MW, making it the largest solar development programme in the region.

The Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction & Development and European Investment Bank are providing financing for the projects, with the Dutch Entrepreneurial Development Bank and ILX acting as B loan participants.

The Sherabad, Samarkand and Jizzakh utility-scale solar projects will produce enough electricity to power more than one million homes and displace over one million tonnes of CO2 emissions annually. The projects are expected to begin operations in 2024.

Masdar actively contributes to Uzbekistan’s clean energy objectives, with the Nur Navoi solar project and Zarafshan wind project already operational. Masdar was also awarded the Bukhara solar PV project at the end of last year.

Uzbekistan aims to develop 7GW of solar and 5GW of wind capacity by 2030, with a goal of meeting 25 per cent of its electricity needs from renewable sources by that year.

Last year, MEED reported that Masdar had reached financial close for a 500MW wind independent power producer project in Uzbekistan’s Navoi region.

The wind farm, which requires a $600m investment, will be in the Zarafshon district and is expected to reach commercial operation in 2024.

Masdar signed the power-purchase and investment agreements with Uzbekistan’s Ministry of Investments & Foreign Trade and JSC National Electric Grid for the project in June 2020, and agreed to expand the capacity of the planned wind farm to up to 1,500MW.

Masdar signed an agreement with Irena’s Energy Transition Accelerator Financing (ETAF) platform last year and has committed capital to the Uzbekistan projects under the initiative. ETAF is a multi-stakeholder climate finance platform targeting the deployment of 5GW of new renewable power in developing countries by 2030.

Masdar’s new shareholding structure and additional focus on green hydrogen make it one of the largest clean energy companies of its kind.

The company aims to achieve 100GW of renewable energy capacity and 1 million tonnes a year of green hydrogen production by 2030.

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Colin Foreman

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