Tashkent, Uzbekistan (UzDaily.com) -- Masdar (UAE) plans to raise loans from the European Bank for Reconstruction and Development (EBRD) to finance projects for the construction of three solar power plants in Uzbekistan.

According to the EBRD website, Masdar intends to attract financial resources for photoelectric power plants in Jizzakh (capacity –  220 MW), Samarkand (220 MW) and Surkhandarya regions (457 MW). The total cost of these projects is US$840 million.

In total, Masdar plans to raise US$210.5 million in EBRD loans, of which US$77.5 million are revolving loans to pay VAT during the construction of photovoltaic power plants.

In particular, for the construction of a photoelectric power plant in Sherabad district of Surkhandarya region, Masdar intends to attract EBRD loans in the amount of US$105.5 million (including a revolving loan of US$38.5 million). The cost of the project is US$431 million.

The EBRD may allocate US$52.5 million each (including revolving loans of US$19.5 million each) for projects to build photovoltaic power plants in Samarkand and Jizzakh regions. The cost of the project in Samarkand region is US$202 million and in Jizzakh region - US$207 million.

Abu Dhabi Future Energy Company PJSC or Masdar has won several tenders for the construction of renewable energy generation facilities in Uzbekistan. The company is involved in four projects for the construction of photovoltaic plants and one wind farm. The company also takes part in the construction of photoelectric power plants in the Tashkent region (40 MW) and the Bukhara region (250 MW).

Masdar launched a 100 MW photo power plant in Navoi region in 2021. This project is Masdar’s first project in the CIS countries.

Mohammed Al Shehhi, Director of Delivery, Bids and Supply Chain at Masdar, emphasized that Masdar plans to expand its presence in Uzbekistan and is currently participating in seven tenders for the implementation of clean energy projects with the participation of IFC, IBRD and ADB.

Fawaz Al Muharrami, Executive Director of Masdar for clean energy, said that the company is involved in projects to develop renewable energy sources in 40 countries around the world. The total capacity of these projects is 20 GW. The company intends to increase its clean energy generation capacity to 100 GW by 2030.

Fawaz Al Muharrami stressed that Masdar is collaborating with international financial institutions and technology providers.

It should be noted that Uzbekistan plans to launch capacities to generate 5 GW of solar and 3 GW of wind energy by 2030.