Masdar reaches financial close on $225M Uzbek solar project
Masdar will design, build and operate the 300 MW solar power plant and 75 MWh BESS under the terms of the Public-Private Partnership agreement it signed with JSC National Electric Grid of Uzbekistan.
Abu Dhabi Future Energy Company PJSC – Masdar has announced it has reached financial close on a package worth more than USD 225 million for the Guzar 300-megawatt (MW) solar power plant and 75-megawatt-hour (MWh) battery energy storage system (BESS) in Kashkadarya, Uzbekistan.
The European Bank for Reconstruction and Development (EBRD) will provide up to USD 195.5 million, including financing from Canada and Finland under the Special Fund for the High Impact Partnership on Climate Action (HIPCA), and the Japan-EBRD Cooperation Fund, Masdar said in a news release.
The Asian Development Bank (ADB) is providing financing of USD 30 million, including from the Leading Asia’s Private Infrastructure Fund 2 (LEAP 2) and the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) under its administration. Abu Dhabi Commercial Bank provided hedging on the transaction.
“Since 2021, Masdar has been proud to collaborate with our partners in Uzbekistan to deliver over 2 gigawatts (GW) of renewables capacity to support the country’s ambitious clean energy goals,” Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said. “Uzbekistan’s abundant wind and solar resources, allied to its supportive regulatory regime, make this an attractive market for Masdar as we pursue our ambitious growth strategy to reach 100GW global capacity by 2030.”
Masdar will design, build and operate the solar and BESS project under the terms of the Public-Private Partnership agreement it signed with JSC National Electric Grid of Uzbekistan. Once operational, the project will provide enough electricity to power the equivalent of 60,000 homes, Masdar said.
