Masdar, a UAE-based energy company, has inked a joint development agreement with Uzbekistan’s Ministry of Energy and Ministry of Investments, Industry, and Trade to develop 2 GW of renewable energy and 500 MWh of solar, wind, and battery storage projects across the Central Asian country. With 7 GW of solar and 5 GW of wind capacity, Uzbekistan aims to achieve 25 per cent of its energy needs from renewables by 2030.
In 2019, Masdar began to develop the 100 MW Nur Navoi solar facility, Uzbekistan’s first successfully financed independent power producer solar project. It became operational in 2021. In April 2022, Masdar reached financial close on three solar photovoltaic facilities in the country which have a total capacity of 900 MW. Financing was provided by the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development and the European Investment Bank.
Established in 2006, Masdar, the Abu Dhabi Future Energy Company, develops utility-scale renewable energy projects in many geographies around the world. Its shareholders include shareholders – the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA).
REGlobal’s Views: Uzbekistan, with its abundant solar and wind power potential, is an important investment destination for Masdar. The company reached financial close on three solar power projects last month – in Jizzakh, Samarkand and Sherabad, which have a combined capacity of around 900 MW. With this new announcement for 2 GW of renewables as well as 500 MWh of storage capacity, Masdar is expected to become a key renewable energy player in the country.