UAE-based renewable energy company Masdar is expanding its footprint in the Republic of Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country for a combined capacity of 440 megawatts.
“The Government of Uzbekistan opened up the power sector to private investments by implementing public-private partnership projects that can attract foreign capital efficiently and transparently,” said HE Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade for the Republic of Uzbekistan.
Under the terms of the agreements, Masdar will develop, build, and manage the plants, each of which will have a capacity of 220 MW. The projects, which will be located in Uzbekistan’s Samarkand and Jizzakh districts, are expected to begin commercial operations in the first quarter of 2023.
As per the reports, the International Finance Corporation acted as lead transaction advisor, assisting the Government of Uzbekistan to structure the projects and organize the selection of the winning bidder through an open tender process.
“These new projects are a further demonstration of Masdar’s commitment to supporting the Republic of Uzbekistan in achieving its clean energy and climate change objectives. 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. Masdar is proud to support Uzbekistan’s decarbonization strategy through our strong portfolio of wind and solar projects in the country.”
“The Ministry of Energy has been working closely with the IFC to help Uzbekistan reach its goal of 25 percent of energy consumption deriving from renewable sources by 2030. These projects are key components in our ambitious strategy to develop environmentally friendly renewable sources of energy to meet our growing electricity demand,” commented HE Alisher Sultanov, Minister of Energy for the Republic of Uzbekistan.
Earlier this year, Uzbekistan’s Ministry of Energy has announced that Masdar was selected for both projects based on a competitive tender. Masdar has also been awarded a tender for a 457 MW photovoltaic solar power plant in the Sherabad district of the Surkhandarya province in Uzbekistan.