Tashkent, Uzbekistan (UzDaily.com) —  The European Bank for Reconstruction and Development (EBRD) is helping Uzbekistan reduce its reliance on carbon-intensive thermal power by financing the construction of a solar power plant in the Khorezm region, accelerating the country’s transition to a low-carbon economy.

The EBRD financial package, amounting to up to US$54.6 million (equivalent to €50.5 million), is allocated to Sarimay Solar, a subsidiary of the international energy producer Voltalia. This includes a US$44.8 million (€41.5 million) loan and €9 million in dedicated funding to support Sarimay Solar through the construction phase.

The first loan tranche of US$7 million (€6.5 million) is guaranteed by the European Fund for Sustainable Development Plus (EFSD+), provided by the EU to promote climate-resilient technologies outside the EU in EBRD-operating countries.

This funding will enable Sarimay Solar to build and operate a new 100 MW (126 MW DC) solar photovoltaic plant, contributing to Uzbekistan’s goal of achieving 25 GW of solar and wind power by 2030.

This project marks Voltalia’s first renewable energy win in Uzbekistan through a competitive process. Upon completion, the plant is expected to produce up to 252 GWh of electricity annually, reducing CO₂ emissions by over 141,000 tons per year.

For the fourth consecutive year, Uzbekistan remains the largest recipient of EBRD investment in Central Asia, with around €4.9 billion invested across 167 projects, primarily supporting the private sector.