Voltalia, a renowned French company, is planning to receive $34mn from the European Bank for Reconstruction and Development (EBRD) for a project in Uzbekistan. This strategic move is set to bolster the renewable energy sector in the region, marking a significant milestone in the country’s transition towards sustainable energy.
Project overview
The funds are intended for the construction of a solar photovoltaic power plant as part of the project in Khorezm. Voltalia plans to build the power plant in Sarymai, following a tender that it won at the end of 2022. Initially, the competition indicated a capacity of 100 MW but plans to increase it to 123 MW were later revealed.
The EBRD’s planned allocation of $34mn for the project is expected to cover 40% of the estimated project cost, which stands at about $85mn. The funds will be received by the project company Sarimay Solar, a specialized subsidiary of Voltalia.
As reported at the signing ceremony in November, the company plans to build a 100 MW wind farm and a battery system as part of the project.
Voltalia’s continued commitment to Uzbekistan
Voltalia is also working on another project in Uzbekistan. In November 2022, it issued a preliminary agreement for the construction of a hybrid power plant with a total capacity of 400 MW with an energy storage system in the Navoi region. This project underscores Voltalia’s continued commitment to expanding its renewable energy footprint in Uzbekistan.
EBRD’s ongoing support for renewable energy
In addition to Voltalia’s project, the EBRD is currently considering a loan of up to $140mn for ACWA Power. The funds will be directed towards the creation of one of the photovoltaic power plants in the capital region, a project which the Saudi company agreed on in March.
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