EBRD and partners allocate $205mn to Masdar for Uzbekistan solar projects

The European Bank for Reconstruction and Development (EBRD) has announced the allocation of a $205mn financial package to Abu Dhabi's Masdar for the building of photovoltaic power plants in Uzbekistan.

It is expected that the solar projects will be co-financed by the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and the European Investment Bank (EIB).

“The Bank is helping the country develop its significant renewable energy potential by financing the construction of three greenfield solar power plants with total installed capacity of nearly 900 MW,” the EBRD said in a statement.

“The package consists of EBRD A/B loans and revolving facilities. The A loans, collectively worth up to $109mn, will be for the bank’s own account and the B loans of up to $18mn are expected to be financed by the Dutch entrepreneurial development bank FMO. The loans will be complemented by three revolving facilities of up to $78mn,” it added.

Once commissioned, the three projects are expected to generate up to 2,200 GWh of electricity, providing power to over 1mn homes in Uzbekistan, and reducing annual CO₂ emissions by up to 1.2mn tonnes.

Uzbekistan is aiming to become a carbon neutral country by 2050.