March 27, 2024

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Masdar achieves financial close on 100 MW Nur Navoi Solar task in Uzbekistan

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a close up of a piece of paper: Masdar achieves financial close on 100 MW Nur Navoi Solar project in Uzbekistan
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Masdar achieves monetary near on 100 MW Nur Navoi Solar venture in Uzbekistan&#13
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Masdar, a subsidiary of Mubadala Expenditure Business and a major renewable electrical power businesses, declared on Wednesday the economical shut of the Nur Navoi Solar Challenge – Uzbekistan’s initially successfully-financed impartial electric power producer (IPP) photo voltaic venture.

Personal loan and promise agreements to finance the 100-megawatt photovoltaic plant ended up signed in a digital ceremony with associates from Masdar, Uzbekistan’s Ministry of Investments and Foreign Trade (MIFT), the Global Finance Corporation (IFC), Asian Improvement Bank (ADB), the Entire world Lender Group (WBG) and the European Financial institution for Reconstruction and Growth (EBRD).

“This landmark venture will drive the enhancement of Uzbekistan’s unbiased electric power producer sector, and help us to improve the share of renewable vitality in the power mix,” explained Shukhrat Vafaev, Deputy Minister of Investments and Overseas Trade of Uzbekistan. “By opening new markets for non-public investment we can support electricity sector reform, integrate renewables into the grid and deal with weather transform challenges.”

“This money near represents a significant milestone for not only the Nur Navoi Solar Undertaking but for Uzbekistan’s renewable electrical power aims,” reported Mohamed Jameel Al Ramahi, Main Executive Officer of Masdar. “Masdar has been a catalyst for renewable electrical power and clear-tech innovation in far more than 30 nations all over the world, and we are committed to supporting Uzbekistan in its energy transition. This venture will provide as a benchmark for the country as it appears to be to remodel its power sector and drive sustainable recovery.”

The Nur Navoi Solar Undertaking was awarded to Masdar last yr under the WBG’s Scaling Photo voltaic programme, with Masdar tendering the least expensive tariff in a aggressive auction. In November 2019, Masdar signed a electrical power order arrangement and govt help agreement with JSC Nationwide Electric Grid of Uzbekistan and the Authorities of Uzbekistan to design, finance, establish, very own and operate the solar plant, found in the Navoi region.

Masdar recognized Nur Navoi Solar FE LLC as the local task business to deliver the PV plant, which is scheduled to commence operations in the third quarter of 2021. The project corporation will also operate and sustain the plant for 25 yrs.

Independently from this project, Masdar and the Governing administration of Uzbekistan have agreed to pursue renewable energy jobs with each other as section of a wider collaboration involving Uzbekistan and Mubadala Financial investment Organization across 3 important strategic strength sectors, including renewables.

In June this year, Masdar signed an arrangement with the Ministry of Investments and International Trade and JSC Countrywide Electrical Grid of Uzbekistan to style, finance, construct and run a 500-megawatt utility-scale wind farm task, to be found in the Zarafshon district of the Navoi Area. Professional operation is envisioned to get started in 2024.

Providing a sustainable recovery in a publish-COVID-19 globe will be a important subject at the ADSW Summit, being held subsequent thirty day period as element of Abu Dhabi Sustainability Week. Hosted by Masdar, the virtual summit will bring together leaders from coverage, business enterprise and know-how to reimagine sustainable advancement and open up up social, economic and technological avenues of collaboration. – Wam

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