Tashkent, Uzbekistan (UzDaily.com) — During the event titled "Utilization of Solar Energy to Accelerate the Energy Transition in Uzbekistan," key aspects of the country’s shift towards cleaner energy sources and reducing dependence on natural gas were discussed.

Speakers included Francisco Fortuni, Senior Investment Specialist at ABII; Bruce Johnson, Director of Corporate Finance and Treasury at Masdar; Ksenia Rogan, Senior Investment Specialist at ADB; and Najib Haider, General Director of the Project and Corporate Finance Department at ABII.

The event focused on three main aspects. First, the development of energy in Uzbekistan: Natural gas is currently the primary source of electricity, while renewable energy sources contribute minimally.

Uzbekistan plans to transition to cleaner energy sources by ratifying the Paris Agreement and increasing its greenhouse gas emission reduction target to 35% compared to 2010 levels.

Second, support for the energy transition: In April 2023, ABII and its partners signed a loan agreement with Abu Dhabi Future Energy Company PJSC – Masdar for US$396 million to construct three solar photovoltaic power plants with a total capacity of 897 megawatts.

Third, the significance of the project: This initiative marks ABII’s first commercial collaboration with Masdar and represents the inaugural implementation of the International Renewable Energy Agency’s Energy Transition Accelerator Financing (ETAF) platform, which aims to mobilize capital for energy transition projects globally.

"This project represents a crucial step in supporting Uzbekistan’s energy transition. We take pride in contributing to the increase of renewable energy sources in the country and supporting efforts to reduce the carbon footprint," noted Najib Haider, General Director of the Project and Corporate Finance Department at ABII.

In conclusion, it was emphasized that the solar power plant project in Uzbekistan not only significantly reduces carbon emissions and promotes the shift to renewable energy but also underscores the commitment to building sustainable infrastructure for future generations.

Under the theme of the event, "Building Sustainable Infrastructure for All," this project serves as a striking example of how strategic investments in clean energy can enhance the country’s infrastructural capabilities, ensuring long-term environmental and economic sustainability.