The EBRD and the European Union are financing the development of a 126 MW greenfield solar plant in the Khorezm region of northwestern Uzbekistan.
The EBRD’s $54.6 million financial package consists of a senior loan of up to $44.8 million and a special facility of $9.8 million. The European Union is providing a senior loan tranche of $7 million through its European Fund for Sustainable Development Plus tool.
The funding has been awarded to Sarimay Solar, a special-purpose company that is fully owned by Voltalia, a French renewables developer.
The project, awarded through a competitive tender, is Voltalia's first in Uzbekistan. It is currently under construction, with commissioning set for the second half of 2025.
Once operational, the plant is expected to generate up to 252 GWh of electricity per year, covering the power consumption of approximately 60,000 people.
Figures from the International Renewable Energy Agency (IRENA) show that Uzbekistan had installed 253 MW of solar by the end of 2023, with no new solar capacity added in the country last year.
In March of this year, Abu Dhabi Future Energy Co. (Masdar) connected the first phase of a 511 MW solar project in eastern Uzbekistan. In September, work began on a 263 MW plant near the national capital, Tashkent.
Uzbekistan has set a target of developing up to 25 GW of solar and wind capacity by 2030.
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