Masdar shares list of investors for its major renewable energy projects in Uzbekistan

Financial institutions such as Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB) will finance projects of UAE’s Masdar for the three large solar power plants with a total capacity of 900 MW construction in Uzbekistan’s Sherabad, Samarkand, and Jizzakh regions.

No further details about the total cost of the projects were provided, however, it is known that the EBRD will invest some $205 million in the construction of the plants, while AIIB – $83.6 million.

The statement says that besides the abovementioned financial institutions, the Dutch Entrepreneurial Development Bank FMO, and ILX Fund will act as additional financing in case of need.

"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," said Niall Hannigan, Chief Financial Officer at Masdar.

As for the solar plants, it is estimated that they will generate enough electricity to cover the needs of 1 million houses, and reduce more than 1 million tons of carbon dioxide annually.

Back in 2021, Masdar signed agreements with the Uzbek Ministry of Investments, Industry, and Trade, and the JSC National Electric Grid to design, finance, build and operate three solar power plants – the 457 MW Sherabad region, and 220 MW each Samarkand and Jizzakh regions of Uzbekistan. The company plans to put the plants into operation in 2024.

Masdar is already making an active contribution to Uzbekistan’s clean energy objectives, with the 100 MW Nur Navoi Solar project – the nation’s first successfully financed independent power producer solar project – having been operational since 2021.

Last year, Masdar achieved financial close on the 500 MW Zarafshan wind project, Uzbekistan’s first utility-scale wind farm, and the largest in Central Asia. At the end of last year, Masdar was also awarded the Bukhara Solar PV project, which includes 250 MW solar PV capacity and a 62 MW battery energy storage system.