Financing secured for 126-MW solar project in Uzbekistan

Voltalia has signed the financial documentation with the European Bank for Reconstruction and Development (EBRD) to fund the 126 MW Sarimay Solar plant in the Khorezm region of northwestern Uzbekistan.

The EBRD’s financial package of up to US$ 54.6 million will consist of a senior loan of up to US$ 44.8 million and a special VAT facility of EUR 9 million (US$ 9.8 million), which will support Sarimay Solar during the construction phase of the project. The project will also benefit from an unfunded guarantee covering a senior loan tranche of US$ 7 million provided by the European Union’s European Fund for Sustainable Development Plus.

The funding has been awarded to Sarimay Solar, a special-purpose company that is fully owned by Voltalia, a French renewables developer. Once operational, the plant is expected to generate up to 252 GWh of electricity per year, covering the power consumption of approximately 60,000 people. The project, currently under construction, is scheduled for commissioning in the second half of 2025. Awarded in 2022, the project benefits from a 25-year power sales contract.