Masdar Achieves Financial Close on Uzbekistan’s 500MW Wind Project

Masdar Achieves Financial Close on Uzbekistan’s 500MW Wind Project

Masdar, UAE, announced that it has achieved financial close on the 500-megawatt (MW) Zarafshan wind project – Uzbekistan’s first utility-scale wind farm.

The announcement was made following a ceremony to mark the occasion, held in Tashkent, the Uzbek capital. His Excellency Jamshid Khodjayev, Deputy Prime Minister, and Minister of Investments and Foreign Trade for the Republic of Uzbekistan, gave the keynote address at the event, with Niall Hannigan, Chief Financial Officer for Masdar, also speaking. HE Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade, and HE Sherzod Khodjaev, Uzbekistan’s Deputy Minister of Energy, also attended.

“Uzbekistan is aiming to derive 25 percent of its energy from renewable sources by 2026, and we are grateful to Masdar and financial institutions who are contributing to this goal through solar, wind, and other renewable energy projects,” said HE Shukhrat Vafaev, Deputy Minister of Investment and Foreign Trade. “Going forward, we will continue to work with lenders, development partners, and the private sector to promote renewable energy solutions to fuel Uzbekistan’s green growth.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “Today we are celebrating reaching a significant milestone in this landmark project, one that takes Uzbekistan a step closer to achieving its ambitious