EBRD and partners allocate $205mn to Masdar for Uzbekistan solar projects

EBRD and partners allocate $205mn to Masdar for Uzbekistan solar projects
/ bne IntelliNews
By Muzaffar Ismailov in Tashkent April 6, 2023

The European Bank for Reconstruction and Development (EBRD) has announced the allocation of a $205mn financial package to Abu Dhabi's Masdar for the building of photovoltaic power plants in Uzbekistan.

It is expected that the solar projects will be co-financed by the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and the European Investment Bank (EIB).

“The Bank is helping the country develop its significant renewable energy potential by financing the construction of three greenfield solar power plants with total installed capacity of nearly 900 MW,” the EBRD said in a statement.

“The package consists of EBRD A/B loans and revolving facilities. The A loans, collectively worth up to $109mn, will be for the bank’s own account and the B loans of up to $18mn are expected to be financed by the Dutch entrepreneurial development bank FMO. The loans will be complemented by three revolving facilities of up to $78mn,” it added.

Once commissioned, the three projects are expected to generate up to 2,200 GWh of electricity, providing power to over 1mn homes in Uzbekistan, and reducing annual CO2 emissions by up to 1.2mn tonnes.

Uzbekistan is aiming to become a carbon neutral country by 2050. 

Related Articles

Uzbekistan’s watermelon exports surge

The hot summer weather arrived in Uzbekistan a week earlier than usual, giving the country the opportunity to start the export of watermelon in the first 10 days of May, around a week earlier ... more

Fitch assigns Central Asia's United Cement Group First-Time 'B+' IDR

Fitch Ratings has assigned Cyprus-based Central Asia’s largest group of cement producers ... more

Second high-level EU-Central Asia meeting held in Kyrgyzstan

President of the European Council Charles Michel on June 2 met with four of the five presidents of Central Asia as well as with Turkmenistan’s deputy chair of the cabinet in Cholpon-Ata, ... more

Dismiss