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Masdar secures funds for its 250 MW solar + 63 MW battery complex in Uzbekistan: Renewables giant Masdar has secured USD 159 mn in loans, and USD 12 mn in guarantees from a number of international organizations for the construction of its 250 MW solar plant with a 63 MW battery energy storage system (BESS) in Uzbekistan’s Bukhara region, according to a press release. Masdar will receive interest rate swaps from IFC to manage risks associated with loan rates, the statement added.
The breakdown:
- The International Finance Corporation (IFC) is lending some USD 53 mn, USD 20 mn of which will be provided within the joint IFC and Government of Canada program for financing climate protection initiatives;
- The Asian Development Bank (ADB) has agreed on a loan of USD 46.5 mn — USD 20 mn of which will come from the ADB-managed Leading Asia’s Private Sector Infrastructure Fund (LEAP), according to an ADB statement ; and has further mobilized USD 26.5 mn from the Japan International Cooperation Agency (JICA);
- The rest (c. USD 33 mn) will be offered by the Dutch Entrepreneurial Development Bank;
- The World Bank will also provide Uzbekistan with a financial guarantee of USD 12 mn.
About the project: The project — which will stand as Central Asia’s first renewable power facility with a utility-scale battery storage system — plans to offset around 327k metric tons of CO2, generate around 585 GWh of energy annually, and power 75k houses. Masdar was first awarded the 250 MW Bukhara Solar PV project in late 2022, a company statement said. At the time, Masdar submitted a bid with the lowest price per kWh of energy at USD 3.044 cents.
