Total Eren secures EUR87.4mn financing from EBRD, EIB and PROPARCO for 100 MW Tutly solar farm

Total Eren has successfully signed the financing documentation related to its solar photovoltaic (PV) project named “Tutly” (100 MWac ). The loans totaling EUR87.4 million (US$106.16 million) are provided by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and Proparco, an affiliate of the French Development Agency (AFD). The construction of the solar farm, located in the Samarkand region of Uzbekistan, has already started.

EIB financed the project through a EUR43.7 million (US$53.17 million) loan, while EBRD and Proparco respectively contributed with two loans of about EUR21.8 million (US$26.52 million) each. The electricity generated by Tutly was contracted to the National Electric Networks of Uzbekistan through a 25-year Power Purchase Agreement (PPA). The power plant is expected to start feeding power to the grid at the end of 2021.

Located about a hundred kilometers East of the city of Samarkand, the Tutly solar farm is entirely developed by Total Eren. Turnkey Engineering, Procurement & Construction (EPC) contracts were signed with METKA EGN, the Renewables & Storage Development (RSD) Business Unit of MYTILINEOS S.A.