Uzbekistan to attract over $ 1 billion private investment in the construction of solar power plants

Uzbekistan plans to attract over $ 1 billion private investments for the construction of solar power plants.

This became known after a conference for potential investors on the construction of the first solar power plant in the format of a public-private partnership (PPP) held in Tashkent. Representatives of 22 major energy companies and international financial organizations arrived in Uzbekistan to participate in it.

The first pilot power plant under PPP conditions with a capacity of up to 100 MW is planned to be built in Navoi region. This is only the first phase of the initiative to bring the total capacity of photovoltaic stations to 1000 MW.

“Potential investors were provided with information on the legal aspects of the project to launch a solar power plant on a PPP basis. It was noted that investors are planned to be selected by a transparent and competitive tender, they will be able to conclude a land lease agreement, as well as a concession agreement, exploit and use the main assets of the power plant,” the State Investment Committee noted.

It should be recalled that in May 2018, the International Finance Corporation (IFC) signed an agreement with the Uzbek Government to attract private sector investment in the renewable energy sector of Uzbekistan.

IFC acts as a consultant to the government and the JSC “Uzbekenergo” on the issues of structuring PPP with the aim of mobilizing experience in attracting private investment for the construction and operation of a solar power plant with a capacity of 100 megawatt in Navoi region.

Joint project of the IFC, State Committee on Investments and JSC “Uzbekenergo” aims to attract more than $ 1 billion private investments in the development of solar photovoltaic stations.

According to experts, this will allow not only to improve the energy supply of the country, but also create a transparent and simplified mechanism for attracting investments. It will be directed to further implementation of investment projects in other industries.