The European Bank for Reconstruction and Development (EBRD) will invest almost US$200 million in a 300MW/75MWh solar-plus-storage project in Uzbekistan.
The US$195.5 million (€168.5 million) investment will support the construction and operation of the project in the Kashkadarya region of Uzbekistan. The EBRD issued a senior loan of up to US$141.6 million (€122.1 million) and a guaranteed facility of up to US$25.0 million (€21.6 million).
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This comes alongside concessional financing from Canada, Finland and Japan. The EBRD mobilised US$20million from Canada, US$5 million from Finland and up to US$3.9 million from the Japan-EBRD Cooperation Fund.
The project will be developed and built by the Emirati state-owned renewables developer, Masdar, via a special project company, Nur Kashkadarya Solar, which was the recipient of the loan.
The Uzbekistan government is seeking to develop 25GW of solar and wind capacity by 2030, a target the EBRD said it is actively supporting. The bank has invested in 204 projects across Uzbekistan to date, it said, to the tune of almost US$6.8 billion, the most of any country in Central Asia. This includes 2.4GW of solar PV capacity, 1.6GW of wind power and 668MW/1,837MWh of battery energy storage system (BESS) capacity.
Much of the EBRD’s investment in Uzbekistan has gone to projects developed by Middle Eastern firms. In October, it announced a US$142 million investment in a 1GW/1.3GWh solar and energy storage platform developed by Saudi Arabia’s ACWA Power. This followed a smaller investment in an ACWA Power project in the country in July 2024.
Masdar itself has previously secured EBRD financing for a 760MW solar PV portfolio in Azerbaijan.
