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Masdar, one of the world’s leading renewable energy companies, said it has completed the financial close of the 500 MW Zarafshan Wind Power Project, the first utility-scale wind farm in Uzbekistan.
Abu Dhabi-based Masdar has 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.
The announcement came after a commemorative ceremony in Uzbekistan’s capital Tashkent. Deputy Prime Minister and Minister of Investment and Foreign Trade Jamshid Khojayev delivered a keynote speech at the event, which was attended by Masdar Chief Financial Officer Neil Hannigan; Deputy Minister of Investment and Foreign Trade of Uzbekistan Shukh Rat Vafayev and Uzbekistan’s Deputy Energy Minister Sherzod Khojayev and other officials.
Vafayev praised the completion of the deal, saying: “Uzbekistan aims to obtain 25% of its energy from renewable energy by 2026, and we thank Masdar and financial institutions for the contribute to this goal.”
“Going forward, we will continue to work with lenders, development partners and the private sector to promote renewable energy solutions to drive green growth in Uzbekistan,” he added.
CEO Mohamed Jameel Al Ramahi said: “Today, we are celebrating an important milestone for this landmark project that brings Uzbekistan one step closer to achieving its ambitious renewable energy goals. Uzbekistan is the A key strategic investment destination for Masdar, we look forward to continuing to develop and grow our strong portfolio of projects across 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, said: “With this successful financial close, Masdar becomes one of the fastest growing renewable energy companies in the world.”
Zarafshan is Masdar’s second utility-scale project in Uzbekistan, with the 100-megawatt Nur Navoi solar project – Uzbekistan’s first successfully financed independent power producer (IPP) solar project – starting operations last year.
The 500-megawatt project, which will begin commercial operations by the end of 2024, will provide enough electricity for 500,000 homes while emitting 1.1 million tons of carbon dioxide annually.arab trade news agency
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