Revolutionizing Energy in Uzbekistan: World Bank, Masdar, and Uzbekistan Government Collaborate on Solar Power Plant
The World Bank Group, Masdar, and the Uzbekistan Government have joined forces to finance a groundbreaking solar photovoltaic plant with a battery energy storage system. The 250-MW plant and 63-MW BESS will provide clean and reliable electricity to 75,000 households, marking Central Asia’s first renewable energy initiative with integrated energy storage.
The project, supported by a $53 million loan from IFC and up to $106 million in loans from ADB, FMO, and JICA, aims to enhance power system efficiency, flexibility, and reliability. IFC will provide interest rate swaps, while the World Bank will guarantee up to $12 million to ensure government payment commitments.
The investment package includes blended finance assistance from the Canada-IFC Blended Climate Finance Program and LEAP, totaling $40 million in concessional senior loans. The solar power plant in the Bukhara region is expected to reduce CO2 emissions by 327,000 metric tons annually, generating over 585 gigawatt hours of renewable energy each year.
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