UAE - Mubasher: Masdar, a subsidiary of Mubadala Investment Company, has inked power purchase agreements to develop two photovoltaic (PV) power projects of a combined capacity of 440 megawatts in Uzbekistan.
On a public-private partnership basis, Masdar will develop, build, and operate the plants of a capacity of 220 MW each, according to a press release on Tuesday.
To be located in Samarkand and Jizzakh in Uzbekistan, the projects are expected to start their commercial operation in the first quarter (Q1) of 2023.
The International Finance Corporation acted as lead transaction advisor, helping the Government of Uzbekistan to structure the projects and organise the selection of the winning bidder through an open tender process.
In May, Uzbekistan’s Ministry of Energy announced that Masdar won both projects based on a competitive tender.
Masdar has also been selected for another solar project of a capacity of 457 MW in a tender in Uzbekistan.
Masdar has existing projects in Uzbekistan, with the company last year announcing financial close on the 100 MW Nur Navoi solar project, Uzbekistan’s first successfully financed independent power producer (IPP) solar project.
The Deputy Prime Minister and Minister of Investments and Foreign Trade for the Republic of Uzbekistan, Sardor Umurzakov, said: "The Government of Uzbekistan opened up the power sector to private investments by implementing public-private partnership projects that can attract foreign capital in an efficient and transparent manner."
Meanwhile, the CEO of Masdar, Mohamed Jameel Al Ramahi, commented: "Uzbekistan is a key strategic investment destination for Masdar as the Government continues to take a leadership role in clean energy projects in the region, and accelerate the nation’s energy transition."
