Masdar reaches financial close on 300 MW solar project in Uzbekistan

Masdar has secured US$225 million for the development of a 300 MW solar plant linked to 75 MWh of energy storage in Uzbekistan. Masdar will be responsible for the design, construction, and operation of the Guzar solar-plus-storage project in Uzbekistan’s southern Kashkadarya region, developed under a public–private partnership with JSC National Electric Grid of Uzbekistan. Once commissioned, the project is expected to add approximately 634 GWh per year to the country’s electricity generation capacity. 

The developer has secured more than US$225 million for the project, through US$195.5 million from the European Bank for Reconstruction and Development (EBRD) and a US$30 million financing package from the Asian Development Bank (ADB). ADB’s financing package includes a US$12.5 million loan from the bank, as well as a US$12.5 million loan from the Leading Asia’s Private Infrastructure Fund 2 and a US$5 million loan from the Canadian Climate and Nature Fund for the Private Sector in Asia, both of which are administered by ADB. 

Once operational, the project will avoid more than 400,000 tonnes of carbon dioxide annually and provide enough electricity to power the equivalent of 60,000 homes, contributing to Uzbekistan’s target of generating 54 percent of power from renewables by 2030.