Abu Dhabi Future Energy Company Masdar has secured funding for three solar photovoltaic projects in Uzbekistan, marking the largest solar development program in the region, GCC Business News reports.
The Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, and the European Investment Bank will provide financing for the projects, which will have a total capacity of around 900 MW. As B loan partners, the Dutch Entrepreneurial Development Bank, FMO, and ILX are involved.
Masdar agreed to join IRENA's Energy Transition Accelerator Financing framework at the COP27 climate summit last year, with the possibility to spend $200 million on green energy initiatives. Uzbekistan plans to produce 7GW of solar and 5GW of wind power by 2030, supplying a quarter of its energy from renewable sources by then.
Masdar completed the 500MW Zarafshan wind project last year, Uzbekistan's first utility-scale wind farm and the biggest in Central Asia. Masdar was also granted the Bukhara Solar PV project at the end of last year, which contains 250MW of solar PV capacity and a 62MW battery energy storage system.
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