, Uzbekistan

Uzbekistan’s 500MW wind project secures funding

It is expected to start operations by end-2024.

Abu Dhabi-based Masdar said that it reached financial close for Uzbekistan’s first utility-scale wind farm with a 500-megawatt (MW) capacity, expected to supply power to 500,000 homes.

In a statement, Masdar CEO Mohamed Jameel Al Ramahi expressed gratitude to the anchor lenders who supported the Zarafshan wind project namely the European Bank for Reconstruction and Development, the International Finance Corporation, the Asian Development Bank, and Japan International Cooperation Agency.

Masdar said that the Dutch Entrepreneurial Development Bank served as B lender for the project, and Etihad Credit Insurance and the First Abu Dhabi Bank provided credit-insured lending.

The Zarafshan wind farm is the largest renewables project in Central Asia, following the bilateral agreements between Masdar and the Uzbekistan Government in 2020.

READ MORE: Masdar, TANESCO ink deal for 2GW RE development

It is expected to attract over $600m of foreign direct investment and contribute to the country’s goal of sourcing 25% of its electricity needs from renewables by end-decade.

Expected to begin operations by the end of 2024 and avoid 1.1 million tonnes of carbon dioxide annular, the project is  Masdar’s second utility-scale project in the country after the 100MW Nur Navoi Solar Project which started operations last year.

The company also inked the power purchase agreement and investment agreement for the wind project with the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and JSC National Electric Grid of Uzbekistan in June 2020. 

Last year, Masdar also signed deals to develop additional solar photovoltaic power projects in Uzbekistan with a capacity of 890MW which will be located in Samarkand, Jizzakh, and Sherabad.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Could coal-based power still get funding
Asian markets have increased coal output to meet energy demand.
Indonesia’s new regulation speeds up energy transitions
The government has issued Presidential Regulation No. 112 of 2022 to limit the coal-fired power plants and gradually reduce coal consumption.