UAE's Masdar says financing secured for Uzbekistan solar power project - Arabianbusiness
UAE-based Masdar, the clean energy subsidiary of Mubadala Investment Company, announced on Wednesday the financial close of the Nur Navoi Solar Project, Uzbekistan’s first independent power producer (IPP) solar project.
Loan and guarantee agreements to finance the 100-megawatt photovoltaic plant were signed in a virtual ceremony with representatives from Masdar, Uzbekistan’s Ministry of Investments and Foreign Trade (MIFT), the International Finance Corporation (IFC), Asian Development Bank (ADB), the World Bank Group (WBG) and the European Bank for Reconstruction and Development (EBRD).
The Nur Navoi Solar Project was awarded to Masdar last year after the Abu Dhabi-based company tendered the lowest tariff in a competitive auction.
In November 2019, Masdar signed a power purchase agreement and government support agreement with JSC National Electric Grid of Uzbekistan (NEGU) and the Government of the Republic of Uzbekistan to design, finance, build, own and operate the solar plant, located in the Navoi region.
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