Masdar wins bid for Uzbekistan's 100MW solar plant in Navoi
First project in Uzbekistan to be marked under the public-private partnership model led by IFC's scaling solar programme
Abu Dhabi Future Energy Company (Masdar), a subsidiary of Mubadala Investment Company has won the bid to develop 100MW utility-scale solar plant at Uzbekistan’s Navoi region, with the project being marked as the country’s first public-private partnership (PPP) that is led under the International Finance Corporation’s (IFC) scaling solar programme.
In a statement, the Abu Dhabi-headquartered firm said that the company had tendered the lowest tariff in the programme’s competitive auction to develop the solar plant, financial close on which is expected to be completed by the end of Q1 2020.
Construction of the solar plant is expected to take 12 months, and will support Uzbekistan’s plan to develop 5GW of renewable energy by 2030, in a move to diversify the country’s energy mix.
Under the IFC’s scaling solar programme, Uzbekistan looks to develop up to 1GW of solar power, with the 100MW solar plant marking the first step in achieving the strategy.
Speaking on being the winning bidder, chief executive officer of Masdar, Mohamed Al Ramahi, said: “For more than a decade, Masdar has been a catalyst for renewable energy and clean-tech innovation in more than 25 countries and this PPP agreement underscores our shared commitment with the Uzbekistan Government to help the country achieve its renewable energy ambitions.”
Meanwhile, deputy minister of investments and foreign trade of the Republic of Uzbekistan, Shukhrat Vafaev, said: “Uzbekistan has made a solid step towards the development of an independent power producer’s market with the country’s first open tender public-private partnership.”