Wednesday, July 17, 2024

EBRD Backs Uzbekistan’s 200 MW Solar Plant And 500 MWh Battery Storage


Representational picture. Credit: Canva

The European Bank for Reconstruction and Development (EBRD) is taking part in a key position in Uzbekistan’s bold renewable power goal by financing a landmark undertaking consisting of a 200 MW photo voltaic photovoltaic energy plant and a 500 MWh battery power storage system (BESS) in Tashkent area. This initiative, led by ACWA Power Riverside Solar, marks one of many largest BESS tasks supported by the EBRD inside its working economies.


The undertaking goals to contribute considerably to Uzbekistan’s aim of growing as much as 25 GW of photo voltaic and wind capability by 2030, important for enhancing the nation’s power safety and decreasing reliance on carbon-intensive thermal energy era. Once operational, the photo voltaic facility is predicted to generate roughly 418 GWh of electrical energy per 12 months, decreasing annual CO2 emissions by greater than 230,000 tons.


Funding for the undertaking consists of an A-loan of as much as US$ 183.5 million (€169.8 million) from the EBRD, together with a B-loan of as much as US$ 40.5 million (€37.5 million) syndicated by business co-financiers. In addition, the EBRD mobilized €5 million (US$ 5.4 million) from Finland below the High Impact Partnership on Climate Action (HIPCA), which ensures robust monetary assist for the enterprise.

The foremost financing companions embrace the German growth company DEG, the French growth company Proparco, the Islamic Development Bank, KfW IPEX-Bank, and Standard Chartered Bank, all contributing parallel loans to strengthen the undertaking implementation.

Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, highlighted the strategic significance of the Tashkent Solar PV and power storage undertaking, saying, “This undertaking is vital to Uzbekistan’s drive to put in 25 GW of renewables by 2030. This not solely helps power safety but additionally accelerates the transition to a low-carbon financial system.”

Marco Arcelli, CEO of ACWA Power, echoed this sentiment, highlighting Uzbekistan’s proactive stance in attracting personal capital for sustainable progress and decarbonization. “The Tashkent Riverside undertaking reveals robust confidence in ACWA Power as a worldwide chief in renewables and power storage,” he affirmed, highlighting ACWA Power’s dedication to Uzbekistan’s inexperienced power future.

Uzbekistan stays an essential focus for EBRD investments in Central Asia, with roughly €4.7 billion deployed in 162 tasks so far, primarily supporting personal entrepreneurship and sustainable growth initiatives.

This collaborative effort highlights Uzbekistan’s steps to realize its local weather targets and enhance financial stability by renewable power infrastructure.

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