Independent power producer (IPP) Jakson Green has secured an INR2.96 billion (US$353 million) credit facility to finance further international expansion.
Uzbekistan will be the first country to benefit from the credit facility with the construction of a solar-plus-storage project in Bukhara, in southern Uzbekistan. The project includes the construction and operation of a 250MW solar PV plant along with a 63MW/126MWh battery energy storage system (BESS).
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The company aims to expand its operations in the Middle East, Africa, the Commonwealth of Independent States (CIS) – a regional intergovernmental organisation that encompasses nine former Soviet states, including Uzbekistan – and Europe. The credit facility was secured from First Abu Dhabi Bank.
Chandan Goswami, chief financial officer at Jakson Green, said: “The support extended by First Abu Dhabi Bank empowers us to engage with diverse markets and capitalize on opportunities for sustainable growth.”
Headquartered in India, Jakson Green both develops projects and performs engineering, procurement and construction (EPC) duties, with 1.5GW of solar PV developed and 1.3GW of EPC contracts secured. The company is present in several regions across Europe, the Middle East and North Africa (MENA), CIS countries and existing operations in Asia Pacific.
Moreover, the company aims to reach a 5GW renewables platform by 2025 and double it to 10GW by the end of the decade.
Increased interest in solar-plus-storage
In the past few months, Uzbekistan has seen a flurry of solar-plus-storage projects being financed from the likes of the European Bank for Reconstruction and Development (EBRD) or the World Bank. The EBRD will provide up to US$229.4 million to Saudi energy giant ACWA Power, a prominent developer of renewables in the region, to build a 200MW/500MWh solar-plus-storage project in Uzbekistan. Last year, ACWA Power signed an agreement to build 1.4GW of solar PV and 1.2GW of BESS projects in the country.
Last May, The World Bank signed a financing package to support UAE’s state-owned renewable energy developer Masdar’s 250MW solar-plus-storage project in the Central Asian country. Masdar, which is also quite prominent in the region, recently powered 511MW of solar PV capacity into Uzbekistan’s grid.
However, Uzbekistan’s ageing power infrastructure (Premium access) needs upgrading and expansion to accommodate the influx of renewables being developed in the country.
