ADB and Masdar ink $46.5m loan for Uzbek solar and BESS facility

This is the first renewable facility with a utility-scale battery in Central Asia.

The Asian Development Bank (ADB) and Abu Dhabi-based Masdar signed a $46.5m loan for the development of a solar power plant and battery energy storage facility (BESS) in Uzbekistan.

In a statement, ADB said the Nuk Bukhara facility will be Central Asia’s first renewable facility with utility-scale BESS, delivering 555 gigawatt-hours of clean energy that cloud power around 55,000 households annually.

"ADB is committed to delivering bespoke climate financing solutions that local commercial banks cannot readily provide,” said ADB Director General for Private Sector Operations Suzanne Gaboury. 

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"By filling crucial market gaps this way, ADB is helping Uzbekistan achieve its clean energy goals and projects like Nur Bukhara set a strong precedent that can be replicated across Central Asia,” Gaboury said.

The financing package included $26.5m from ADB’s ordinary capital resources and $20m from the ADB-administered Private Infrastructure Fund for Asia.

The ADB also raised $26.5m from the Japan International Cooperation Agency. The International Finance Corporation, the Canada-IFC Blended Climate Finance Programme, and the Dutch Entrepreneurial Development Bank were parallel lenders.