Masdar secures funding for three solar PV projects in Uzbekistan

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Masdar, also known as the Abu Dhabi Future Energy Company, has received funding for three solar photovoltaic (PV) projects it is developing in Uzbekistan. The funding is being provided by the Asian Development Bank, Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank. The EBRD is providing a funding package of $205m towards the three greenfield solar power plants being developed by Masdar, with the Dutch Entrepreneurial Development Bank, FMO, and ILX acting as B loan participants. Masdar signed agreements with Uzbekistan’s Ministry of Investments, Industry and Trade, and the JSC National Electric Grid to design, finance, build and operate three utility-scale solar projects in 2021. The projects include the Sherabad Solar Project with a capacity of 457 MW, and the Samarkand and Jizzakh solar projects with a capacity of 220 MW each, for a total capacity of around 900 MW. These projects can power more than one million homes and displace more than one million tonnes of carbon emissions each year. Construction on the projects is expected to start soon, with the plants expected to be operational by 2024.

Masdar is already contributing to Uzbekistan’s clean energy objectives, with the 100 MW Nur Navoi Solar project – the country’s first independent power producer solar project – which has been operational since 2021. The company also secured funding for the 500 MW Zarafshan wind project, Uzbekistan’s first utility-scale wind farm and currently the biggest in Central Asia. Masdar was also awarded the Bukhara Solar PV project, which includes 250 MW solar PV capacity and a 62 MW battery energy storage system in December 2022.

Masdar unveiled a new shareholding structure and additional focus on green hydrogen, making it one of the biggest clean energy companies. Abu Dhabi National Oil Company (ADNOC), TAQA, and Abu Dhabi wealth fund Mubadala announced their shareholding in Masdar in December. TAQA holds a 43% stake in the renewable company, Mubadala 33%, and ADNOC has a 24% shareholding. To achieve its 100 GW renewable energy capacity target and production of one million tonnes of green hydrogen per annum annually by 2030, Masdar is a clean energy powerhouse that is spearheading the UAE’s Net Zero by 2050 Strategic Initiative and driving the global energy transition. The renewable energy giant has also made several acquisitions in power firms in places such as the US and Europe.