The European Bank for Reconstruction and Development (EBRD) continues to invest in renewable energy power generation and low-carbon technologies in Uzbekistan.
Report informs, referring to EBRD, that the $205 million financial package, organized by the EBRD, is for the Abu Dhabi Future Energy Company, also known as Masdar, a global renewable and clean energy company and the Bank’s long-term client.
The Bank is helping the country develop its significant renewable energy potential by financing the construction of three greenfield solar power plants with a total installed capacity of nearly 900 MW.
The package consists of EBRD A/B loans and revolving facilities. The A loans, collectively worth up to $109 million, will be for the Bank’s own account and the B loans of up to $18 million are expected to be financed by the Dutch entrepreneurial development bank FMO. The loans will be complemented by three revolving facilities of up to $78 million provided by the EBRD.
Masdar also operates in Azerbaijan, implementing the Garadag Solar Power Plant project. In addition, the UAE company plans to build 1 gigawatt of solar power plants in Azerbaijan by 2025, and 1 gigawatt of wind power plants by 2026.