The Asian Development Bank (ADB) and Abu Dhabi Future Energy Company PJSC (Masdar) have signed agreements to build three solar power plants in Surkhandarya (Sherabad), Samarkand and Jizzakh regions of Uzbekistan. Together these power plants will be able to generate almost 900 MW, making them the largest solar power project in the region to date.
The financing package is composed of three loans from ADB’s ordinary capital resources amounting to $36.7 million for Sherabad, $13.5 million for Samarkand, and $14.3 million for Jizzakh power plant. Additionally, ADB mobilized much-needed private institutional capital for the three power plants. This was achieved through the arrangement of an aggregated B-loan syndication of $37.5 million. The B-loan participant is ILX Fund I, an Amsterdam-based SDG-focused emerging market private credit fund.
ADB is joined in the financing of the three projects by the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, and the European Investment Bank as parallel lenders.
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