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UAE’s Masdar inks deal to expand clean energy portfolio in Uzbekistan

UAE’s Masdar inks deal to expand clean energy portfolio in Uzbekistan

Masdar, the Abu Dhabi-based clean energy major and a subsidiary of Mubadala Investment Company, announced it is expanding its green energy deals to Uzbekistan, signing agreements to build two photovoltaic (PV) power projects that will hold a combined capacity of 440 megawatts (MW). These agreements serve as the latest Masdar investments in renewable energy development. These

Masdar, the Abu Dhabi-based clean energy major and a subsidiary of Mubadala Investment Company, announced it is expanding its green energy deals to Uzbekistan, signing agreements to build two photovoltaic (PV) power projects that will hold a combined capacity of 440 megawatts (MW).

These agreements serve as the latest Masdar investments in renewable energy development.

These latest project agreements come in addition to Masdar’s existing Uzbekistan projects, including last year’s 100 MW Nur Navoi Solar Project and Masdar’s April agreement to develop and operate a 500 MW wind farm in Zarafshan.

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Recent Masdar projects include a 200 MW solar plant in Armenia, the first renewable energy push into Greece, plans for large-scale post-pandemic green recovery and, most recently, the development of solar projects in Iraq that will have a minimum total capacity of 2 gigawatts.

Today’s agreements state that Masdar will develop, build and operate both of the plants on the terms of a public-private partnership.

Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan, Sardor Umurzakov, signed the Investment Agreements for the two projects with Chief Officer of Masdar, Mohamed Jameel Al Ramahi.

“The Government of Uzbekistan opened up the power sector to private investments by implementing public-private partnership projects that can attract foreign capital efficiently and transparently,” said Umurzakov.

Masdar’s Al Ramahi and First Deputy Chairman of the Board of JSC National Electric Grid of Uzbekistan, Sobirjon Artikov, signed the Power Purchase Agreements.

The International Finance Corporation served as lead transaction advisor to the Government of Uzbekistan through the selection process of a clean energy developer through a competitive tender.

Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan, Sardor Umurzakov, signed the Investment Agreements for the two projects with Chief Officer of Masdar, Mohamed Jameel Al Ramahi.

The plants are to be located in Uzbekistan’s Samarkand and Jizzakh regions and their commercial operations are set to begin in the first quarter of 2023.

The Uzbekistan Ministry of Energy announced Masdar was selected to develop and operate both projects in May.

In addition to the current 440 MW plants, Masdar was also selected to develop a 457MW photovoltaic solar power plant in Uzbekistan’s Sherabad district of the Surkhandarya province.

The Zarafshan wind farm’s capacity has since been extended to produce up to 1.5 gigawatts, which will make it the largest wind farm project in Central Asia.

These deals come in an effort to meet Uzbekistan’s goal of producing 25 percent of its country’s electricity needs through renewable resources by 2030.

Minister of Energy of Uzbekistan, Alisher Sultanov commented: “These projects are key components in our ambitious strategy to develop environmentally friendly renewable sources of energy to meet our growing electricity demand.”

The Government of Uzbekistan plans to deploy 3GW of wind power capacity and 5GW of solar power capacity by 2030.

Al Ramahi said: “Uzbekistan is a key strategic investment destination for Masdar as the Government continues to take a leadership role in clean energy projects in the region, and accelerate the nation’s energy transition.”

Masdar is active in more than 30 countries where it provides clean energy sources. As of May, Masdar’s total capacity of renewable energy projects totalled more than 11 GW, which totalled a value of $19.9 billion.

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