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10 November 2019
BUSINESS

UAE’s Masdar to build $100 million solar farm in Uzbekistan

Last month, the Uzbek Ministry of Investments and Foreign Trade said that Masdar had submitted the lowest tariff of $2.68 per kilowatt-hour in the programme’s auction to develop the 100-megawatt (MW) utility-scale solar farm.


Abu Dhabi-based Masdar, a clean energy development company, has agreed to design, finance as well as build and operate a 100 MW photovoltaic power station through a public-private partnership (PPP) in Uzbekistan’s Navoi region, according to local newswire, WAM.

The Uzbek Ministry of Investments and Foreign trade said that under the agreement, Masdar will invest up to $100 million in the projects. Construction will start in the second quarter of 2020, with commissioning scheduled for the second quarter of 2021. Masdar will operate the solar farm for 25 years.

Mohamed Jameel Al Ramahi, the Chief Executive Officer of Masdar,said, “The signing of the investment agreement is a historic milestone for Uzbekistan and its ambitions to diversify its energy mix.”

The power generating capacity of the renewable energy projects in which Masdar is a partner is around 5GW, representing a combined investment of around $13.5 billion.


RELATED STORIES: PUBLIC-PRIVATE PARTNERSHIP MASDAR


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