EBRD Backs Major Solar and Battery Project in Uzbekistan
The European Bank for Reconstruction and Development (EBRD) has arranged financing of up to $195.5 mln for a major renewable energy project in Uzbekistan’s Kashkadarya region.
The funding will support the construction and operation of a 300-MW greenfield solar photovoltaic plant and a 75-MWh battery energy storage system by Nur Kashkadarya Solar, a special-purpose company fully owned by UAE clean energy group Masdar. The EBRD package includes senior loans and guaranteed facilities, alongside concessional finance from Canada, Finland and Japan, with additional co-financing expected from the Asian Development Bank.
Once completed, the project is expected to generate about 664 GWh of electricity annually, enough to power around 60,000 homes, and cut carbon dioxide emissions by up to 400,000 tonnes per year. The battery system will help stabilise Uzbekistan’s power grid by providing flexibility and additional capacity during peak demand.
The project supports Uzbekistan’s target of developing 25 GW of solar and wind capacity by 2030. The EBRD remains one of the country’s largest green energy financiers, having backed billions of dollars’ worth of renewable, storage and infrastructure projects nationwide.
Kursiv Uzbekistan also reports that Abu Dhabi Future Energy Company PJSC (Masdar) has reached financial close for its 300-MW Guzar solar power project with a 75-MWh battery energy storage system in Uzbekistan’s Kashkadarya region.
