Abu Dhabi, UAE – Abu Dhabi Future Energy Company “Masdar” announced the completion of the financial closing of a financing deal worth US$225 million for the Gozar solar energy project.
It has a capacity of 300 MW and is equipped with a 75 MWh energy storage battery system in the Qashqadarya region of Uzbekistan.
The European Bank for Reconstruction and Development will provide up to US$195.5 million to finance the project.
This includes contributions from Canada and Finland under the Special Fund for the High Impact Partnership Initiative on Climate Action
In addition to the Japan Cooperation Fund and the European Bank for Reconstruction and Development.
The Asian Development Bank is also providing financing worth US$30 million, including contributions from various funds:
These include Asia’s Leading Private Infrastructure Fund II and the Canadian Climate and Nature Fund for the Asian Private Sector.
Which are managed by the Asian Development Bank. Abu Dhabi Commercial Bank is responsible for securing hedging coverage for the deal.
Masdar focuses on the Uzbek market due to its abundant solar and wind energy resources and supportive regulatory environment.
This is as part of its efforts to expand its project portfolio and raise its production capacity to 100 gigawatts by 2030.
The company designs, builds and operates a solar energy project and a battery system for energy storage.
Under the public-private partnership agreement signed with the National Electricity Company of Uzbekistan.
clean energy
When operational, the project is expected to help avoid releasing more than 400,000 tons of carbon emissions annually and provide electricity to about 60,000 homes.
Supporting Uzbekistan’s goal of generating 54% of electricity from renewable sources by 2030.
The Gozar project forms part of Masdar’s portfolio of renewable energy projects in Uzbekistan.
Which has a total production capacity of about 2 gigawatts, with investments exceeding two billion US dollars.
It is noteworthy that Masdar is the first company to enter into partnerships aimed at developing clean energy projects in Uzbekistan.
It had inaugurated its first photovoltaic solar power station.
The CIS region is a strategic market for Masdar, which aims to increase the production capacity of its global project portfolio to 100 GW by 2030.
In addition to Uzbekistan, Masdar is also active in Azerbaijan, Kazakhstan and other countries.
