Abu Dhabi Future Energy Company PJSC (Masdar), a global leader in clean energy, has announced the financial closing of over $225 million to develop a 300 MW solar power plant with a 75 MWh battery energy storage system (BESS) in the Guzar district of Kashkadarya, Uzbekistan.
The European Bank for Reconstruction and Development (EBRD) will provide the bulk of funding-up to $195.5 million-supported by Canadian and Finnish contributions via the High Impact Partnership for Climate Action (HIPCA) fund, as well as the Japan-EBRD Cooperation Fund, The Caspian Post reports via Uzbek media.
An additional $30 million comes from the Asian Development Bank (ADB), including funds from the Leading Asia’s Private Infrastructure Fund 2 (LEAP 2) and the Canadian Climate & Nature Private Sector Fund in Asia (CANPA). Abu Dhabi Commercial Bank provided deal hedging.
The financial closing was marked by a signing ceremony at Masdar Pavilion during Abu Dhabi Sustainability Week, attended by UAE Energy and Infrastructure Minister Suhail Mohamed Al Mazrouei, Uzbek Deputy Prime Minister Jamshid Khodjaev, Uzbek Energy Minister Zhurabek Mirzamakmudov, and Masdar CEO Mohamed Jameel Al Ramahi. Masdar's Chief Operating Officer Abdulaziz Alobaidli signed the agreements alongside representatives from EBRD, ADB, and ADCB.
Masdar CEO Mohamed Jameel Al Ramahi highlighted the project as another milestone in the company’s renewable energy efforts in Uzbekistan. Since 2021, Masdar has helped deliver over 2 GW of renewable capacity in the country, supporting Uzbekistan’s transition to clean energy. He emphasized that Uzbekistan’s rich solar and wind resources, coupled with a favorable regulatory framework, make it a highly attractive market for Masdar’s global target of 100 GW installed capacity by 2030.
Under a public-private partnership with the National Electric Networks of Uzbekistan, Masdar will handle design, construction, and operation of the solar plant and BESS. Once operational, the facility is expected to avoid over 400,000 tons of CO₂ emissions annually and provide power for roughly 60,000 households, contributing to Uzbekistan’s goal of reaching 54 per cent renewable energy share by 2030.
Masdar’s total investment in Uzbekistan now exceeds $2 billion, including the country’s first large-scale solar plant, Nur Navoi (100 MW), and last year’s agreement for a 300 MW / 600 MWh autonomous BESS project in Navoi. The company also pursues projects across Azerbaijan, Kazakhstan, and other CIS markets as part of its global 100 GW renewable strategy.
