The Guzar 300 megawatt (MW) solar power plant and 75 megawatt-hour (MWh) battery energy storage system (BESS) in Kashkadarya, Uzbekistan, have reached financial close on a package worth more than US$225 million, according to Abu Dhabi Future Energy Company PJSC – Masdar, a leader in clean energy worldwide. Up to US$195.5 million will be provided by the European Bank for Reconstruction and Development (EBRD), along with funding from Finland and Canada through the Japan-EBRD Cooperation Fund and the Special Fund for the High Impact Partnership on Climate Action (HIPCA).
The Leading Asia’s Private Infrastructure Fund 2 (LEAP 2) and the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), which are managed by the Asian Development Bank (ADB), are contributing US$30 million in funding. Abu Dhabi Commercial Bank provided hedging on the transaction.
At the Masdar Pavilion during Abu Dhabi Sustainability Week, Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; Jamshid Khodjaev, Deputy Prime Minister of Uzbekistan; Jurabek Mirzamahmudov, Minister of Energy of Uzbekistan; and Mohamed Jameel Al Ramahi, CEO of Masdar, attended a signing ceremony to mark the financial close. Along with representatives from the EBRD, ADB, and ADCB, Abdulaziz Alobaidli, COO of Masdar, signed the contract.
“We are thrilled to have reached financial close on another important renewable energy project in Uzbekistan,” stated Al Ramahi. Masdar has been pleased to work with our partners in Uzbekistan since 2021 to provide more than 2 gigawatts (GW) of renewable capacity to help the nation achieve its lofty clean energy objectives.
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