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Financing secured for first utility-scale, privately developed solar project in Uzbekistan

January 08, 2021

Power Engineering International:

Leading international financial institutions are providing funding for the development of Uzbekistan’s first 100MW solar PV plant.

The World Bank, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Asian Development Bank (ADB) are providing loans for the development of the solar PV plant in the city of Navoi.

The IFC and the ADB will provide $60 million in finance for the project for the first large-scale, privately developed and operated renewable energy facility in Uzbekistan.

The project is set to be completed in 2021 and produce 270GWh per year of electricity, enough to power 31,000 homes and prevent the emissions of 156,000 tons of greenhouse gases.

To date, Uzbekistan generates 85% of its electricity in thermal power plants. Hence the project will increase the country’s portfolio of renewables. Uzbekistan plans to increase its renewables portfolio from 65,000GWh in 2019 to 103,000GWh by 2030.

Lilia Burunciuc, World Bank regional director for Central Asia, adds: “Our technical assistance, financing and guarantees will help the Government to grow the share of renewable energy generation from currently less than 0.2 percent to 25 percent by 2030 and attract private investments into the renewable energy sector. They will also facilitate the Government efforts in the energy sector reform, the integration of renewable energies into the grid, and the global climate change mitigation.”

More: Finance giants get behind Uzbekistan’s first 100MW solar plant

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