Masdar, Uzbek govt sign deals for 440 MW of solar projects

The signing of solar project contracts in Uzbekistan. Source: Press Service of the Ministry of Energy of the Republic of Uzbekistan.

July 13 (Renewables Now) - Renewables developer Masdar, a subsidiary of Emirati sovereign investor Mubadala Investment Co, announced today the signing of investment and power purchase agreements in relation to a couple of solar projects in Uzbekistan totalling 440 MW.

As previously announced, Masdar won the two 220-MW projects in the Jizzakh and Samarkand regions in a recent public-private partnership (PPP) tender in Uzbekistan that was overseen by the International Finance Corporation (IFC). It made a bid of USD 18.23 (EUR 15.38) per MWh for the solar park in Jizzakh and proposed to supply power at USD 17.91/MWh from the future plant in Samarkand. The company noted that these are record low tariffs.

The power purchase agreements (PPAs) have now been signed for a period of 25 years. Masdar expects to invest a total of USD 300 million in the two projects and reach commercial operation for both in the first quarter of 2023. Construction is seen to begin in the first quarter of 2022, subject to reaching financial close this December.

Masdar recently won another tender for a local solar project of 457 MW, to be located in the Sherabad district of the Surkhandarya province. Moreover, it achieved financial close on the 100-MW Nur Navoi solar project last year and has agreed to build an up to 1.5-GW wind power complex in Zarafshan.

Under its renewable energy programme, Uzbekistan plans to deploy 5 GW of solar and 3 GW of wind power capacity by 2030 so as to produce 25% of its total power from renewables by that year. The government plans to launch a Request for Prequalification for up to 500 MW of solar plants in three different regions in the coming month.

Meanwhile, Masdar also announced last week that it won a tender for a 200-MW solar project in Armenia, to be located in the Talin and Dashtadem communities. The developer submitted a final price of USD 29.00/MWh and will own an 85% stake in the USD-174-million project. The rest will be held by the Armenian National Interest Fund CJSC (ANIF).

(USD 1.0 = EUR 0.844)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription