In a move towards sustainable energy practices, the Syrdarya region has witnessed strides in enhancing production efficiency and embracing energy-saving technologies. The latest development involves the integration of renewable energy sources, particularly solar panels, resulting in UZS 1bn ($78,810) savings for the region.
The "Syrdarya" Hydro Power Plant (HPP) took a step in 2023 with the installation of solar panels boasting a capacity of 1326 kW. Since their inception, these solar panels have been instrumental in generating 1430 MWh of alternative electricity for the HPP's internal consumption. This strategic shift has led to a marked reduction in electricity consumption, translating to savings of nearly UZS 1bn ($78,810).
Building upon this success, the momentum continued into the first quarter of 2024, witnessing the installation of an additional 520 kW of solar panels within the premises of the "Syrdarya" HPP. These panels have been seamlessly integrated into the existing infrastructure and are now fully operational, further amplifying the plant's renewable energy capacity.
The ongoing installation of solar panels underscores the region's steadfast commitment to leveraging renewable energy sources. This concerted effort not only bolsters energy sustainability but also yields tangible economic benefits. By harnessing the potential of solar energy and other renewables, the region anticipates a continuous reduction in production costs, thereby enhancing competitiveness and fostering economic resilience.
The strides made in the Syrdarya region align with President Shavkat Mirziyoyev's vision for Uzbekistan's sustainable development. Mirziyoyev recently approved Uzbekistan's state program for implementing the Uzbekistan-2030 strategy, which includes various development directions for the country. One of the key components of this program involves the inauguration of six large photovoltaic power plants across strategic regions like Tashkent, Kashkadarya, Bukhara, Namangan, and Navoi by the end of 2024. These plants, with a combined capacity of 2,700 MW, signify Uzbekistan's commitment to embracing renewable energy on a national scale.
The program also aims to establish the market circulation of green energy certificates and trading carbon credits by April 1, supported by a $46.3mn investment from the World Bank. Additionally, Uzbekistan plans to introduce a modern climate change monitoring system by April 1, 2024.
Key objectives of the program include increasing GDP by at least 6%, maintaining inflation below 9%, and limiting the budget deficit to under 4%. Over 300 large-scale investment projects valued at $18bn are targeted, with investment constituting at least 30% of GDP. Financial allocations include UZS 275 trillion ($21.9bn) for lending to various sectors, including UZS 41 trillion ($3.3bn) for microfinance services. Efforts will be made to reduce interest rates on bank loans by 2-3% through market mechanisms.
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