EIB approves loan of $83.6 million for Masdar to build three PV plants in Uzbekistan

The European Investment Bank approved $83.6 million loan for Uzbekistan’s solar energy program, implemented by UAE’s Masdar. Partnering with ADB, AIIB, and EBRD, EIB’s contribution forms part of a $396.4 million package to construct and operate three PV plants with a total capacity of nearly 900 MW. This was reported by “Gazeta.uz”.

Together with the Asian Development Bank, the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development, the EIB will provide a collective $396.4 million to finance the construction and operation of three solar photovoltaic plants with a total output of nearly 900 MW.

The project is implemented by Masdar (UAE), which plans to build 220 MW photovoltaic power plants Nur Jizzakh in Jizzakh region, 220 MW Nur Samarkand in Samarkand region and 457 MW Nur Sherabad in Surkhandarya region.

The allocated funds will also facilitate the integration of these power plants into the national grid, advancing Uzbekistan’s goal of generating 7 GW of solar and 5 GW of wind energy by 2030. Moreover, the project is anticipated to significantly curtail annual greenhouse gas emissions, equivalent to a reduction of over one million tonnes of CO2.

Construction of the photovoltaic stations is expected to start this year, with the projected timeline for completion and operation set for 2024.