World Bank OKs $3.5m financing for Uzbek solar plant

This facility will be commissioned later this year.

The World Bank has approved a $3.5m financing in the form of a payment guarantee that will support a solar plant being developed in Uzbekistan.

In a statement, the World Bank said the solar plant in the Khorezm region is set for commissioning in November 2025. It spans 177 hectares and is projected to generate over 240 gigawatt-hours of renewable energy annually.

The plant is expected to reduce carbon emissions by more than 230,000 metric tonnes each year and power approximately 60,000 households.

Voltalia-owned Sarimay Foreign Enterprise LLC will oversee the development, financing, construction, ownership, and operation of the solar plant. Upon commissioning, the project company will sell electricity to the state-owned National Electric Grid of Uzbekistan JSC (NEGU) under a 25-year power purchase agreement.

The World Bank's payment guarantee will secure the obligations of NEGU to purchase electricity from Sarimay Foreign Enterprise. The guarantee has also facilitated the mobilisation of $80m in capital investment, including a financing package over $54m provided by the European Bank for Reconstruction and Development, to implement this project.