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Tashkent: Abu Dhabi Future Energy Company (Masdar), one of the world’s leading renewable energy companies, announced on Friday that its 500 megawatt (MW) Zarafshan wind power project – Uzbekistan’s first utility-scale wind farm has been realized Financial closeout.
The announcement came after a commemorative ceremony in Uzbekistan’s capital Tashkent. Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan Jamshid Khojayev delivered a keynote speech at the event, as did Masdar Chief Financial Officer Neil Hannigan. Shukhrat Vafayev, Deputy Minister of Investment and Foreign Trade of Uzbekistan, and Sherzod Khojayev, Deputy Minister of Energy of Uzbekistan attended the meeting.
“Uzbekistan aims to obtain 25% of its energy from renewable sources by 2026, and we thank Masdar and financial institutions for contributing to this goal through solar, wind and other renewable energy projects,” Deputy Minister Shu Herat Vafayev said investment and foreign trade.
“Going forward, we will continue to work with lenders, development partners and the private sector to promote renewable energy solutions and drive green growth in Uzbekistan.”
Iconic Project
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Today, we are celebrating an important milestone for this landmark project, which brings Uzbekistan one step closer to achieving its ambitious renewable energy goals. Uzbekistan is an important strategic investment destination. Masdar, we look forward to continuing to develop and grow our strong portfolio of projects in the country.”
“This achievement would not have been possible without the support of our main lenders, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Development Bank (ADB) and the Japan International Cooperation Agency (JICA), and we are very grateful They. We are also particularly grateful to Etihad Credit Insurance (ECI), whose participation has facilitated the diversification of the portfolio of foreign capital invested in Uzbekistan from within the UAE and elsewhere,” he added.
In addition to the lead lender for the Zarafshan project, Dutch Entrepreneurship Development Bank (FMO) acted as lender B, while Etihad Credit Insurance, Natixis and First Abu Dhabi Bank (FAB) acted as the lender. The project provides credit insurance loans.
Massimo Falcioni, CEO of Etihad Credit Insurance, commented: “We are honoured and delighted to support the Republic of Uzbekistan in achieving its clean energy goals by providing UAE renewable energy champion Masdar with the required credit insurance facilities to develop The landmark project is the 500 MW wind farm in Zarafshan, the largest renewable energy project in Central Asia.
“With this successful financial close, Masdar is confirmed to be one of the fastest growing renewable energy companies in the world. The financial close of this landmark project comes after Cabinet Affairs Minister Mohammad Al Jagarwi led UAE representatives The mission was completed a few weeks after the mission to Tashkent. An extended partnership was signed with Uzbekistan, including other strategic partnership areas such as the financial sector, education, economy, government leadership, food security and agriculture, as well as ports and customs,” he continued.
Masdar signed a bilateral agreement with the government of Uzbekistan in 2020 to develop, construct and operate the Zarafshan wind farm, the largest renewable energy project in Central Asia. The project is expected to attract more than $600 million in foreign direct investment and is part of Uzbekistan’s efforts to meet 25 percent of its electricity needs from renewable sources by the end of the century.
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