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    Uzbekistan

    Uzbekistan receives $143bn loan from World Bank to install solar panels

    Uzbekistan receives $143bn loan from World Bank to install solar panels

    President Shavkat Mirziyoyev has inked a resolution on implementing the  'Clean Energy for Buildings in Uzbekistan' project with the World Bank (WB) participation, media reports. The document envisages providing renewable energy devices and social facilities to medical institutions, kindergartens, and schools throughout Uzbekistan by the end of 2028.

    International consultants with expertise in renewable energy have been assigned to the preliminary work. The Ministry of Energy and the Energy Saving Fund are appointed responsible for equipment purchase.

    WB has provided a $143mn loan to implement the initiative. The organization's Board of Directors approved the allocation of funds in June 2022. $138mn will go directly to the purchase and installation of the equipment of the green power plant and another $5mn - for personnel training and technical assistance. In addition, Uzbekistan will cover VAT payments worth $32.6mn.

    The loan is allocated at 1.25% per annum, including the adjustment rate (0.1%). The repayment period will last 30 years; the first five are considered the grace period.

    The Uzbek government relies on green energy as a quick and environmentally friendly solution to the energy deficit.  Therefore, the key role is given to solar energy - according to the plan of the Ministry of Energy, by 2030, it will account for 17% of all generation.

    The first industrial FES of Uzbekistan was built by Masdar in the Navoi region and earned in August 2021. In May, the second FSF was launched - in the Samarkand region. In 2023, the country intends to launch several more projects with a total capacity of 1397 MW.

    Several projects involving ACWA Power, Masdar, and other investors are underway. For example, Voltalia plans to build a combined solar-wind power plant.

    Uzbekistan recently concluded several agreements on creating green power plants with Chinese companies. In addition, the ACWA signed contracts to construct two new facilities.

    In October 2022, the Ministry of Energy launched a photo panels and boilers marketplace. They are allowed to buy in installments.

    In February, the President approved new measures to stimulate the use of renewable energy. As a result, electricity produced by photo panels in private households will be purchased at UZS 1,000 per kWh. As a result, the population and businesses purchasing photo panels will be provided with new benefits.

    07.04.2023, 13:10   Comments (0)   1552
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