The European Bank for Reconstruction and Development (EBRD) is organising up to US$195.5m for a 300MW solar plant and 75MWh battery storage facility in Uzbekistan’s Kashkadarya region.
The bank said the financing comprises a senior loan of up to US$141.6m and a guaranteed facility of up to US$25m for Nur Kashkadarya Solar, which is fully owned by Masdar.
The EBRD added that it is mobilising up to US$20m from Canada and US$5m from Finland under the HIPCA Special Fund, alongside up to US$3.9m from the Japan-EBRD Cooperation Fund and the EBRD, and the project is expected to be co-financed by the Asian Development Bank.
On completion the solar plant will generate 664GWh per year, providing power for 60,000 homes and cutting annual CO2 emissions by up to 400,000 tonnes.
The project will also introduce 75MW/75MWh of battery capacity to support grid stability by adding flexibility during peak demand periods.
The bank said the scheme contributes to Uzbekistan’s plan to reach 25GW of solar and wind by 2030.
The EBRD stated that it has so far supported 1.65GW of wind, 2.4GW of solar and 668MW/1837MWh of storage in the country.