Indian renewable energy company Jakson Green has successfully secured a loan to facilitate the construction of a photovoltaic power plant in Uzbekistan, as reported by Solar Quarter.
The project encompasses the development of a 250 MW solar farm, coupled with a 63 MW (126 MWh) electricity storage complex. The customer driving this initiative is the UAE-based company Masdar, renowned for its commitment to sustainable energy solutions.
The loan, amounting to 2.96 bn rupees ($35.3mn), has been provided by the Mumbai branch of First Abu Dhabi Bank. This substantial financial support is expected to bolster Jakson Green's foreign activities, enabling the company to expand its international footprint and further its mission of delivering top-tier renewable energy projects.
Jakson Green's Chief Financial Officer, Chandan Goswami, emphasized the significance of the Uzbekistan project.
"The Uzbekistan project will be an example of our commitment to providing the highest level of renewable energy projects in both the domestic and international markets," he stated.
Jakson Green has set ambitious targets for its future growth. The company aims to commission 10 GW of green energy capacity by the end of 2025, with plans to double this capacity to 20 GW within the next five years. Achieving these targets will involve expanding into new markets, including the CIS countries, Europe, the Middle East, and Africa.
The tender for the construction of the 250 MW solar power plant in the Alat district of the Bukhara region was conducted in December 2022. Masdar secured the contract by offering the lowest price per kilowatt-hour of energy at 3.044 cents.
In May, Jakson Green successfully attracted additional loans from several prominent international organizations, amounting to $159mn. These lenders include the Asian Development Bank (ADB), the International Finance Corporation (IFC), the Netherlands Enterprise Development Bank, and the Japan International Cooperation Agency.
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