Masdar secures financial close on 100MW Uzbek solar project

Masdar secures financial close on 100MW Uzbek solar project

ABU DHABI / WAMMasdar, a subsidiary of Mubadala Investment Company and a leading renewable energy companies, announced on Wednesday the financial close of the Nur Navoi Solar Project — Uzbekistan's first successfully-financed independent power producer solar project. Loan and guarantee agreements to finance the 100-megawatt photovoltaic plant were signed in a virtual ceremony with representatives from Masdar, Uzbekistan's Ministry of Investments and Foreign Trade (MIFT), the International Finance Corporation (IFC), Asian Development Bank (ADB), the World Bank Group (WBG) and the European Bank for Reconstruction and Development (EBRD). “This landmark project will drive the development of Uzbekistan's independent power producer market” said Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade of Uzbekistan. “This financial close represents a major milestone for not only the Nur Navoi Solar Project but for Uzbekistan's renewable energy objectives,” said Mohamed Jameel Al Ramahi, CEO of Masdar.“Masdar has been a catalyst for renewable energy and clean-tech innovation in more than 30 countries around the world, and we are committed to supporting Uzbekistan in its energy transition. This project will serve as a benchmark for the country as it looks to transform its energy sector and drive sustainable recovery.” The Nur Navoi Solar Project was awarded to