900MW of solar PV capacity in Uzbekistan achieves financial close says Masdar

Last year Masdar signed an agreement during COP27 to join IRENEA’s Energy Transition Accelerator Financing (ETAF) platform

The financial close on three solar photovoltaic (PV) projects in Uzbekistan has been announced by Abu Dhabi Future Energy Company (Masdar). The firm said the combined 900MW project is the largest solar development programme in the region, and noted that work at Sherabad, Samarkand and Jizzakh will begin imminently.

Funding for the projects is being provided by Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). The Dutch Entrepreneurial Development Bank, FMO, and ILX are acting as B loan participants, a statement form Masdar clarified.

“Reaching this milestone for all three projects is a proud moment for Masdar and a key stage for Uzbekistan’s clean energy journey. We are already playing a significant role in supporting the Uzbek government’s ambitious renewable energy objectives, and we look forward to continuing to grow our portfolio of projects in this key strategic market,” said Niall Hannigan, Chief Financial Officer at Masdar.

Masdar said it had signed an agreement during COP27 to join IRENEA’s Energy Transition Accelerator Financing (ETAF) platform, with the intention of potentially deploying up to US $200mn equity investment on renewable energy projects.

In early February 2023, Masdar opened an office in Baku in support of Azerbaijan’s renewable energy sector and, later in the month, Baynouna Solar Energy Company said it had opened Jordan’s largest clean energy project.

Hannigan remarked that Masdar and AIIB have jointly committed capital to the Uzbekistan projects under the ETAF initiative. ETAF is described as a multi-stakeholder climate finance platform, targeting the deployment of 5GW of new renewable power in developing countries by 2030.

He also stated that Masdar last year announced a new shareholding structure and additional focus on green hydrogen, making it one of the largest clean energy companies of its kind.

With a goal of achieving 100GW renewable energy capacity and green hydrogen production of one million tonnes per annum annually by 2030, the new Masdar is a clean energy powerhouse that will spearhead the UAE’s Net Zero by 2050 Strategic Initiative and drive the global energy transition, he concluded.

In early March 2023, an Acwa Power led JV closed financing on a $8.5bn green hydrogen project in Neom.

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