Total Eren lands €87.4 million financing for 100MW solar project in Uzbekistan

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Total Eren’s 128MWdc solar farm in Kazakhstan. Image: Total Eren.

Tutly Solar, French energy giant Total Eren’s subsidiary in Uzbekistan, has been awarded an €87.4 million US$106.32 million) loan package to develop a utility-scale solar PV system in the country.

The European Investment Bank (EIB) has said it will offer €43.7 million in debt financing, while a subsidiary of Agence Française de Développement, called PROPARCO, and European Bank for Reconstruction and Development (EBRD) will each provide €21.8 million.

The project, a 100MW PV power plant in Samarkand, in southeastern Uzbekistan, will be one of few private-sector renewables projects in the country when it comes online, supplying the National Electric Networks of Uzbekistan through a 25-year power purchase agreement (PPA). It is expected to be completed by the end of this year.

Laurence Juin, executive vice president and chief financial officer of Total Eren, said the energy company is “eager to commission” the solar farm and hopes to develop other renewable energy projects in Uzbekistan and in the region.

Uzbekistan’s power mix still relies heavily on fossil fuels, with most of its electricity supplied by natural gas, but the country’s government has made more efforts to boost the share of solar in the past year, launching several tenders in 2020 with a target of deploying 5GW of installed solar by 2030. The government has also been working with the International Finance Corporation (IFC) to roll out the structuring and tendering of up to 900MW of solar PV through private-public-partnerships (PPPs).

Last December, the Ministry of Investments and Foreign Trade (MIFT) joined several global banks in signing a loan agreement for Abu Dhabi-based solar developer Masdar to create a 100MW PV project in Sherabad, which it claims will be Uzbekistan’s first fully-financed independent solar project.

More recently, Dubai developer Phanes Group signed a deal with the government to realise a 200MWac solar project in the Navoiy region, which will also be financed through a power purchase agreement with the National Electric Grid of Uzbekistan

Read Next

November 29, 2021
A round-up of the latest project news from across the world, including Masdar’s plans to develop solar in Armenia, TotalEnergies completing its largest project in France and Shikun & Binui expanding its US energy portfolio.
November 9, 2021
Uzbekistan is set to announce two new tenders for 400MW of solar capacity by the end of this year, the Central Asian nation’s energy minister, Alisher Sultanov, has said.
October 28, 2021
A round-up of the latest news from the US solar market, including a new Lightsource bp project in Colorado, CenterPoint’s PV expansion in Indiana and another solar power purchase agreement (PPA) from Facebook.
October 25, 2021
Europe’s leaders have called on the European Investment Bank (EIB) to investigate how to speed up investment in the energy transition to reduce the risk of future energy price crises.
October 19, 2021
Shortlisted bids in Saudi Arabia’s latest solar tender have jumped significantly on the lowest price recorded in the country’s previous renewables programme, reflecting the hikes in PV equipment costs in recent months.
October 11, 2021
Independent power producer Nexif Energy has secured a ten-year power supply agreement (PSA) for a 75MWp solar plant to be constructed in the Philippines.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

PV TECH POWER VOLUME 29 OUT NOW—Get 35% off your first year

Solar’s 2030 blueprint