World Bank Approves $3.5 Million to Boost Renewable Energy in Uzbekistan

The World Bank has approved $3.5 million in financing to support Uzbekistan's renewable energy sector through a payment guarantee.

This support will secure the obligations of the state-owned National Electric Grid of Uzbekistan JSC to purchase electricity from a new 100-megawatt (MW) solar power plant to be constructed and operated by Voltalia (France) in Khorezm region, The Caspian Post reports citing, Uzbek media.

The solar plant is scheduled for commissioning in November 2025. Spanning 177 hectares, it will generate over 240 gigawatt-hours of renewable energy annually.

Sarimay Foreign Enterprise LLC, a project company owned by Voltalia, will implement the solar power plant project. It will oversee the development, financing, construction, ownership, and operation of the solar plant.

The World Bank’s payment guarantee of up to $3.5 million will secure the obligations of NEGU to purchase electricity from Sarimay Foreign Enterprise LLC. The guarantee has also facilitated the mobilization of $80 million in capital investment, including a financing package exceeding $54 million provided by the European Bank for Reconstruction and Development (EBRD), to implement this project in the Khorezm region.