The European Bank for Reconstruction and Development (EBRD) is providing funds to construct a solar power plant in Uzbekistan’s Khorezm region.
The EBRD’s financial package of up to $54.6 million (€50.5 million) will be provided to Sarimay Solar, a special-purpose company fully owned by Voltalia, an international energy producer and service provider based in France. The package will consist of a senior loan of up to $44.8 million (€41.5 million) and a special facility of €9 million, which will support Sarimay Solar during construction.
The project will benefit from an unfunded guarantee covering a senior loan tranche of $7 million (€6.5 million) provided by the European Union’s European Fund for Sustainable Development Plus.
The financing will help Sarimay Solar construct and operate a 100 MWac (126MWdc) greenfield solar photovoltaic plant, contributing to Uzbekistan’s aim of further decreasing its reliance on carbon-intensive thermal power generation and developing up to 25 GW of solar and wind capacity by 2030.
Once operational, the plant is expected to generate up to 252 GWh of electricity yearly and reduce annual CO2 emissions by more than 141,000 tons.
For the fourth year in a row, Uzbekistan has been the leading recipient of EBRD funding in Central Asia. The Bank has invested around €4.9 billion in 167 projects across the country, most of which support private entrepreneurship.
