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Abu Dhabi Future Energy Company (Masdar) has announced that it has completed the financing of three solar photovoltaic (PV) projects being developed in Uzbekistan with a combined installed capacity of approximately 900 MW when completed.
Masdar called it the largest solar development in the region and said work on solar projects in Sherabad, Samarkand and Jizzakh was about to start.
Funding for these projects is provided by the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB).
The Dutch Entrepreneurship Development Bank, FMO and ILX are participants in the Type B loan.
Niall Hannigan, Chief Financial Officer, said: “The achievement of this milestone for all three projects is a proud moment for Masdar and a key stage in Uzbekistan’s clean energy journey. We Already playing an important role in supporting the Uzbekistan government’s ambitious renewable energy goals, we look forward to continuing to expand our project portfolio in this key strategic market.”
Masdar signed an agreement during last year’s COP27 climate conference to join Irena’s Energy Transition Accelerator Finance (ETAF) platform, with the intention to deploy up to US$200 million in equity investments in renewable energy projects.
Hannigan said Masdar and the AIIB had jointly committed to funding the Uzbekistan project under the ETAF initiative. ETAF is a multi-stakeholder climate finance platform that aims to deploy 5 GW of new renewable energy in developing countries by 2030.
Masdar announced a new shareholding structure last year and a further focus on green hydrogen, making it one of the largest clean energy companies of its kind, he said.
Targeting 100 GW of renewable energy capacity and 1 million tons of green hydrogen per year by 2030, the new Masdar is a clean energy power station that will lead the UAE in its strategic plan to achieve net-zero emissions by 2050 and drive global energy transition, he added.-TradeArabia News Service
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