UAE – Mubasher: Masdar, a subsidiary of Mubadala Investment Company, has achieved the financial close of the Nur Navoi Solar Project, Uzbekistan’s first financed independent power producer (IPP) solar project, according to a press release on Wednesday.
Masdar, Uzbekistan’s Ministry of Investments and Foreign Trade (MIFT), the International Finance Corporation (IFC), Asian Development Bank (ADB), the World Bank Group (WBG), and the European Bank for Reconstruction and Development (EBRD) have signed agreements to provide loans to the plant.
The 100-megawatt photovoltaic plant was awarded to Masdar in 2019 under the WBG's scaling solar programme, with Masdar offering the lowest tariff in a competitive auction.
In November 2019, Masdar entered into a power purchase agreement (PPA) and government support agreement (GSA) with JSC National Electric Grid of Uzbekistan (NEGU) and the Government of Uzbekistan to finance, build, and own the solar plant.
Located in the Navoi region, the project is set to start operations in the third quarter (Q3) of 2021.
The Deputy Minister of Investments and Foreign Trade of Uzbekistan, Shukhrat Vafaev, said: "This landmark project will drive the development of Uzbekistan’s independent power producer market, and enable us to increase the share of renewable energy in the energy mix."
Meanwhile, the CEO of Masdar, Mohamed Jameel Al Ramahi, commented: "Masdar has been a catalyst for renewable energy and clean-tech innovation in more than 30 countries around the world, and we are committed to supporting Uzbekistan in its energy transition."
