UAE’s Masdar secures funding for three solar projects in Uzbekistan

UAE’s Masdar secures funding for three solar projects in Uzbekistan

Abu Dhabi Future Energy Company, also known as Masdar, has secured funding for three solar photovoltaic (PV) projects it is developing in Uzbekistan. The Abu Dhabi-based renewable energy group said funding for the projects is being provided by the Asian Development Bank, Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank. EBRD said in a separate statement that it would provide a funding package of $205m towards the three greenfield solar power plants that are being developed by Masdar. The Dutch Entrepreneurial Development Bank, FMO, and ILX are acting as B loan participants, Masdar said in a statement. The company signed agreements with Uzbekistan’s Ministry of Investments, Industry and Trade together with the JSC National Electric Grid to design, finance, build and operate three utility-scale solar projects in 2021. The clean energy projects include the 457 megawatts (MW) Sherabad Solar Project, and the Samarkand and Jizzakh solar projects, which have a capacity of 220 MW each. The projects have a combined capacity of around 900 MW, they can power more than one million homes and displace more than one million tonnes of carbon emissions each year. Construction on the projects is expected