PROJECT UPDATE- UAE renewables giant Masdar has achieved financial close on three solar photovoltaic projects in Uzbekistan, according to a statement released on Thursday. Construction on the three projects in Sherabad, Samarkand, and Jizzakh is set to begin in 1H 2023, with the plants going live in 2024. The solar projects have a combined capacity of 900 MW, making it the largest solar development project in Central Asia, the statement said.

Background: Masdar signed agreements with Uzbekistan in 2021 on the three projects, which are receiving financing from the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, and the European Investment Bank. B loan participants include the Dutch Entrepreneurial Development Bank, FMO, and ILX, according to the statement.

Not Masdar’s first venture in Uzbekistan’s renewables: Masdar has actively contributed to Uzbekistan’s first 100 MW IPP solar project Nur Navoi, which has been operational since 2021. Back in September, Masdar achieved financial close on the 500 MW Zarafshan wind project in Uzbekistan — Central Asia’s largest wind farm. The company was also awarded the 250 MW Bukhara Solar PV project, which includes a 62 MW battery energy storage system, late last year, according to the statement.

All under Uzbekistan’s clean energy push: Uzbekistan aims to develop 7 GW of solar and 5 GW of wind capacity by 2030 under a plan to meet 25% of its electricity needs from renewable sources by the end of the decade.