Voltalia has signed documentation with the European Bank for Reconstruction and Development (EBRD) for the financing of the 126MW Sarimay solar power plant in Uzbekistan.
The EBRD’s package of up to US$54.6m will consist of a senior loan of up to US$44.8m and a special VAT facility of €9m (US$9.8m), which will support Sarimay Solar during the construction phase of the project.
The scheme will also benefit from an unfunded guarantee covering a US$7m senior loan tranche provided by the European Union’s European Fund for Sustainable Development Plus.
The solar project is expected to be commissioned in the second half of 2025. Awarded in 2022, the project benefits from a 25-year PPA.
Voltalia chief executive Sébastien Clerc said: “Voltalia is proud to announce the financing agreement for the Sarimay Solar power plant in Uzbekistan.
“I sincerely thank our long-standing partner, the European Bank for Reconstruction and Development, for its support in achieving this milestone.
“In addition to the Sarimay Solar project, Voltalia is also engaged in several other renewable energy and battery storage projects in Uzbekistan. These initiatives reflect our commitment to driving sustainability and providing green energy solutions across the country,”
To achieve this key milestone of the Sarimay Solar scheme, Voltalia was advised by Herbert Smith Freehills for documents governed by English or French law and by Kosta Legal for paperwork governed by local law, while the EBRD was advised by Trinity and Centil respectively.
Voltalia also benefited from the support of Cranmore Partners as exclusive financial advisor for the structuring and negotiation of the financing.