Masdar Secures $225 Million for 300MW Solar and 75MWh Battery Project in Uzbekistan
Masdar has secured $225 million for the Guzar solar power project in Uzbekistan, which will feature a 300MW solar plant and a 75MWh battery storage system. The financing includes contributions from the European Bank for Reconstruction and Development, the Asian Development Bank, and other international partners, aiming to significantly reduce CO2 emissions and power around 60,000 homes. This initiative is part of Masdar's broader investment strategy in Uzbekistan, totaling over $2 billion.
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Masdar has achieved financial close on a $225 million project for the Guzar 300MW solar power plant and 75MWh battery energy storage system in Kashkadarya, Uzbekistan. The European Bank for Reconstruction and Development (EBRD) will provide up to $195.5 million, supported by financing from Canada and Finland, while the Asian Development Bank (ADB) contributes $30 million.
The project will be designed, built, and operated under a Public-Private Partnership with JSC National Electric Grid of Uzbekistan and is expected to avoid over 400,000 tonnes of CO2 emissions annually, powering approximately 60,000 homes. Masdar's total investment in Uzbekistan exceeds $2 billion, including previous projects like the 100MW Nur Navoi plant. The company targets a global capacity of 100GW by 2030, with significant operations in the CIS region.
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