EBRD Finances 900 Megawatt Masdar Projects in Uzbekistan

The European Bank for Reconstruction and Development (EBRD) has announced financing for three solar power plants totaling 897 megawatts (MW) of capacity in Uzbekistan. All three projects are being implemented by subsidiaries of the UAE-based Abu Dhabi Future Energy Company (Masdar). Two of them – the Samarkand and Jizzah solar power plants, each with 220 MW – were agreed by Masdar and the Uzbek government in July 2021, while the third, Sherabad with 457 MW, was agreed in August 2021. Also in August 2021, Masdar had completed construction of a first large-scale solar project in the country – Nur Navoi with 100 MW.
The EBRD is providing revolving facilities of $ 19.5 to § 38.5 million for the three projects. In addition, the bank is financing Samarkand and Jizzakh with $33 million each; the total project costs are stated at $202 and $207 million, respectively. EBRD financing for Sherabad is $67 million, with a total investment of $431 million. At $920 to $940 per kilowatt of installed capacity, all three power plants are thus relatively expensive for projects of this size by international standards.

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