Masdar to construct three utility-scale solar projects of 900 MW in Central Asia

Masdar is all set for the construction of three utility-scale solar projects in Central Asia with a total capacity of 900MW.

The projects, which have already achieved financial close, will be constructed in Uzbekistan. These projects are expected to begin operations in 2024.

The projects Sherabad (457MW), Samarkand (220MW) and Jizzakh (220MW) are being financed by the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB).

Masdar could design, finance, build and operate these solar projects after it reached agreements with Uzbekistan’s Ministry of Investments, Industry and Trade.

Masdar’s chief financial officer Niall Hannigan commented, “Reaching this milestone for all three projects is a proud moment for Masdar and a key stage for Uzbekistan’s clean energy journey.”

Masdar has been supporting Uzbekistan to achieve its renewable energy goals. The company has planned to further grow its portfolio of projects in the country.

Uzbekistan has aimed to achieve the development of 7GW of solar and 5GW of wind capacity by 2030.

According to Masdar, it has decided to join IRENA’s Energy Transition Accelerator Financing (ETAF) with a plan to deploy up to $200m equity investment on renewable energy projects, a local report mentioned.