EBRD backs $195 million solar project with battery storage in Uzbekistan

The financing package includes an EBRD loan of up to $141.6 million and a guarantee of up to $25 million for Nur Kashkadarya Solar PV FE LLC, a special-purpose project company wholly owned by Masdar, a global renewable and clean energy firm.

In addition, the EBRD will mobilize concessional financing of up to $20 million from the Government of Canada and $5 million from the Government of Finland under the High Impact Partnership on Climate Action (HIPCA). The project is also expected to receive concessional funding of up to $3.9 million from the Japan–EBRD Cooperation Fund and EBRD itself. Co-financing from the Asian Development Bank is anticipated.

The project aligns with the Uzbek government’s renewable energy development plan, supported by the EBRD, which aims to establish 25 GW of solar and wind capacity by 2030.

Once completed, the solar power plant will generate 664 GWh of electricity annually, enough to power 60,000 households and reduce annual CO2 emissions by 400,000 tons.

The inclusion of a 75 MW/75 MWh battery energy storage system will enhance the stability, reliability, and flexibility of the national energy system, providing additional capacity during peak demand periods.