ADB, Masdar to build 3 new solar power plants in Uzbekistan
The plants will generate a combined 897MW of power.
The Asian Development Bank (ADB) and Abu Dhabi Future Energy Company PJSC (Masdar) have signed three loan agreements for three solar power plants in Uzbekistan.
The project is expected to generate 897 megawatts combined, making it the largest solar power development in the country. It will be located in Uzbekistan’s Surkhandarya (Sherabad), Samarkand, and Jizzahk regions.
"Uzbekistan has tremendous potential to generate clean energy through its abundant solar and wind resources, and ADB’s financing plays a part in Uzbekistan’s journey towards a carbon neutral economy,” ADB Private Sector Operations Department Director General Suzanne Gaboury, said.
“As Asia’s climate bank, ADB has increased its climate financing targets to promote meaningful decarbonization and expansion of renewables in the energy sector.”
The loans were from ADB’s ordinary capital resources, amounting to $36.7m for Sherabad, $13.5m for Samarkand, and $14.3m for Jizzakh power plant.
Moreover, ADB mobilised much-needed private institutional capital for the three power plants through the arrangement of an aggregated B-loan syndication of $37.5m. The B-loan participant is ILX Fund I, an Amsterdam-based SDG-focused emerging market private credit fund.