Masdar’s 900 MW Solar Projects in Uzbekistan Reach Financial Closure – EQ Mag
Abu Dhabi Future Energy Company (Masdar) has announced that it has achieved financial close on three solar photovoltaic (PV) projects it is developing in Uzbekistan, which on completion, will have a combined capacity of around 900MW.
Dubbing it as the largest solar development programme in the region, Masdar said work on the solar projects at Sherabad, Samarkand and Jizzakh will begin imminently.
Funding for the projects is being provided by Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
The Dutch Entrepreneurial Development Bank, FMO, and ILX are acting as B loan participants.
Chief Financial Officer Niall Hannigan said: “Reaching this milestone for all three projects is a proud moment for Masdar and a key stage for Uzbekistan’s clean energy journey. We are already playing a significant role in supporting the Uzbek government’s ambitious renewable energy objectives, and we look forward to continuing to grow our portfolio of projects in this key strategic market.”
Masdar had signed an agreement during last year’s COP27 climate conference to join Irena’s Energy Transition Accelerator Financing (ETAF) platform, with the intention of potentially deploying up to $200 million equity investment on renewable energy projects.
Hannigan said Masdar and AIIB have jointly committed capital to the Uzbekistan projects under the ETAF initiative. ETAF is a multi-stakeholder climate finance platform, targeting the deployment of 5 gigawatts of new renewable power in developing countries by 2030.
Masdar, he stated, had last year announced a new shareholding structure and additional focus on green hydrogen, making it one of the largest clean energy companies of its kind.
With a goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tonnes per annum annually by 2030, the new Masdar is a clean energy powerhouse that will spearhead the UAE’s Net Zero by 2050 Strategic Initiative and drive the global energy transition, he added.