TASHKENT, Uzbekistan, January 17. The European
Bank for Reconstruction and Development (EBRD) has approved
financing of up to $195.5 million for a 300 MW solar power plant
and a 75 MWh battery storage facility in Uzbekistan’s Kashkadarya
region, Trend reports
via the bank.
The financing package for the project includes an EBRD senior
loan of up to $141.6 million, complemented by a guaranteed facility
of up to $25 million. These funds will be directed to Nur
Kashkadarya Solar, a special-purpose vehicle fully owned by the
global renewable energy company, Masdar.
Additionally, the EBRD is mobilizing concessional financing,
including up to $20 million from Canada and $5 million from
Finland, through the Special Fund for the High Impact Partnership
on Climate Action (HIPCA). The project will also benefit from
concessional finance of up to $3.9 million provided by the
Japan–EBRD Cooperation Fund and the EBRD. It is anticipated that
the project will receive co-financing from the Asian Development
Bank as well.
"This initiative supports Uzbekistan’s renewable energy
development strategy, which is backed by the EBRD and aims to
deploy 25 GW of solar and wind capacity by 2030. Upon completion,
the solar power plant is expected to generate 664 GWh of
electricity annually, supplying power to approximately 60,000
households and reducing carbon dioxide emissions by up to 400,000
tons per year
The installation of a 75 MW / 75 MWh battery energy storage
system (BESS) will also enhance the stability of Uzbekistan’s
national power grid by improving reliability and flexibility and
providing additional capacity during periods of peak demand.
Overall, the EBRD has invested nearly $6.8 billion in Uzbekistan
across 204 projects, with the majority of funding directed toward
private sector development. Uzbekistan has been the largest
recipient of EBRD financing in Central Asia for each of the past
six years.
