EBRD Backs Solar Project to Power Uzbekistan’s Green Shift

Uzbekistan is accelerating its clean-energy transition as the European Bank for Reconstruction and Development (EBRD) lines up up to $195.5 million to finance a major renewable project in the Kashkadarya region.

The financing will support the construction and operation of a 300 MW greenfield solar photovoltaic plant paired with a 75 MWh battery energy storage system (BESS), strengthening both power generation and grid stability in Uzbekistan, The Caspian Post reports via EBRD.

The funds will be provided to Nur Kashkadarya Solar, a special-purpose company fully owned by Masdar, a global clean-energy leader.

The EBRD package includes a senior loan of up to $141.6 million and a guaranteed facility of up to $25 million, complemented by concessional financing from Canada, Finland, Japan, and the EBRD itself under climate-focused partnership funds. The project is also expected to be co-financed by the Asian Development Bank.

Once completed, the solar plant is projected to generate 664 GWh of electricity annually-enough to power around 60,000 homes-while cutting CO₂ emissions by up to 400,000 tons per year. The integrated BESS will add flexibility to the national grid, releasing stored energy during peak demand and improving reliability.

This investment aligns with Uzbekistan’s ambitious renewables roadmap, which targets 25 GW of solar and wind capacity by 2030. The EBRD remains a cornerstone financier of the country’s green transformation, having already backed 1.65 GW of wind, 2.4 GW of solar, and 668 MW / 1,837 MWh of battery storage nationwide.

Overall, the bank has invested nearly $6.8 billion across 204 projects in Uzbekistan, making it the leading EBRD funding destination in Central Asia for six consecutive years.