Empowering Uzbekistan: EBRD’s Landmark Renewable Energy Project
The European Bank for Reconstruction and Development (EBRD) is playing a pivotal role in helping Uzbekistan achieve its ambitious goal of 25GW of solar and wind capacity by 2030. In a groundbreaking move, the EBRD has organized a substantial financing facility of up to US$229.4 million to support the development, design, construction, and operation of a 500MWh battery energy storage system (BESS) and a 200MW solar photovoltaic (PV) power plant in the Tashkent region. This project is a beacon of sustainable progress, marking one of the largest EBRD-supported BESS projects within the economies where the Bank operates. The financing will be funneled to ACWA Power Riverside Solar, a special purpose company wholly owned by ACWA Power. ACWA Power is renowned as an international developer, investor, co-owner, and operator of power-generation, desalinated-water-production, and green hydrogen plants.
A Collaborative Financial Framework
The support scheme for this transformative project includes an A-loan of up to US$183.5 million (€169.8 million) from the EBRD’s account and a B-loan of up to US$40.5 million (€37.5 million) syndicated to commercial co-financiers. This collaborative financial effort brings together esteemed institutions such as the German development corporation DEG, the French development agency Proparco, the Islamic Development Bank, KfW IPEX-Bank, and Standard Chartered Bank. Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, expressed the significance of this partnership: “We are proud to partner with ACWA Power and co-financiers on the pioneering Tashkent Solar PV and energy storage project in Uzbekistan, the largest of its kind in Central Asia.”
A Brighter, Greener Future
Once completed, the Tashkent solar power project is expected to generate up to 418GWh of electricity per year. This clean energy production will significantly contribute to reducing annual CO2 emissions by more than 230,000 tonnes, propelling Uzbekistan towards a greener future. This initiative not only underscores the EBRD’s commitment to sustainable development but also sets a precedent for future renewable energy projects in the region. By investing in cutting-edge energy storage and solar power solutions, Uzbekistan is paving the way for a more sustainable and energy-secure future. #RenewableEnergy #CleanEnergyTransition #GreenUzbekistan #EBRDProjects #SustainableFuture
Credit: [Image: Uzbekistan Energy Ministry]