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Masdar completes financing for ‘landmark’ 100MW Nur Navoi Solar Project in Uzbekistan

Mubadala Investment Company announces financial close on Uzbekistan’s first successfully-financed independent power producer (IPP) project

Masdar has completed the financial close of the Nur Navoi Solar Project – Uzbekistan’s first successfully-financed independent power producer (IPP) solar project.

According to Masdar, loan and guarantee agreements to finance the 100-megawatt photovoltaic plant were signed in a virtual ceremony earlier this week.

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) participated in the ceremony.

“This landmark project will drive the development of Uzbekistan’s independent power producer market, and enable us to increase the share of renewable energy in the energy mix,” said Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan. “By opening new markets for private investment we can support energy sector reform, integrate renewables into the grid and address climate change challenges.

The Nur Navoi Solar Project was awarded to Masdar last year under the WBG’s Scaling Solar program, with Masdar tendering the lowest tariff in a competitive auction. In November 2019, Masdar signed a power purchase agreement (PPA) and government support agreement (GSA) with JSC National Electric Grid of Uzbekistan (NEGU) and the Government of the Republic of Uzbekistan to design, finance, build, own and operate the solar plant, located in the Navoi region.

Mohamed Jameel Al Ramahi, CEO, Masdar said achieving the funding represents a major milestone “for not only the Nur Navoi Solar Project but for Uzbekistan’s renewable energy objectives.”

He added: 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.”

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