{"id":92255,"date":"2024-05-22T00:00:00","date_gmt":"2024-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/masdar-and-the-world-bank-advance-uzbek-solar-project\/"},"modified":"2024-05-22T00:00:00","modified_gmt":"2024-05-22T00:00:00","slug":"masdar-and-the-world-bank-advance-uzbek-solar-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/22\/masdar-and-the-world-bank-advance-uzbek-solar-project\/","title":{"rendered":"Masdar and the World Bank advance Uzbek solar project"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Masdar secures funds for its 250 MW solar + 63 MW battery complex <\/strong><strong>in <\/strong><strong>Uzbekistan:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/abef0c63-ad3e-4492-8671-d3bb35764e52\/masdar-achieves-financial-close-on-central-asia%25e2%2580%2599s-largest-solar-development-project\" style=\"\" rel=\"noopener\">its 250 MW solar plant with a 63 MW battery energy storage system<\/a> (BESS) in Uzbekistan\u2019s Bukhara region, according to a <a target=\"_blank\" href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=28177\" style=\"\" rel=\"noopener\">press release<\/a>. Masdar will receive interest rate swaps from IFC to manage risks associated with loan rates, the statement added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown: <\/strong><\/p>\n<ul>\n<li>The<strong> International Finance Corporation (IFC) <\/strong>is lending some<strong> USD 53 mn<\/strong>, USD 20 mn of which will be provided within the joint <a target=\"_blank\" href=\"https:\/\/www.ifc.org\/en\/what-we-do\/sector-expertise\/blended-finance\/climate\/canada-ifc-blended-climate-finance-program\" style=\"\" rel=\"noopener\">IFC and Government of Canada program<\/a> for financing climate protection initiatives;<\/li>\n<li>The <strong>Asian Development Bank (ADB) <\/strong>has agreed on a loan of <strong>USD 46.5 mn<\/strong> \u2014 USD 20 mn of which will come from the ADB-managed <a target=\"_blank\" href=\"https:\/\/www.adb.org\/what-we-do\/funds\/leap\" style=\"\" rel=\"noopener\">Leading Asia's Private Sector Infrastructure Fund (LEAP)<\/a>, according to an <a target=\"_blank\" href=\"https:\/\/www.adb.org\/news\/adb-masdar-sign-deal-build-region-first-solar-power-plant-battery-energy-storage-facility-uzbekistan\" style=\"\" rel=\"noopener\">ADB statement<\/a> ; and has further mobilized USD 26.5 mn from the Japan International Cooperation Agency (JICA);<\/li>\n<li>The rest (c. <strong>USD 33 mn<\/strong>) will be offered by the <strong>Dutch Entrepreneurial Development Bank<\/strong>; <\/li>\n<li>The <strong>World Bank<\/strong> will also provide Uzbekistan with a financial <strong>guarantee<\/strong> of <strong>USD 12 mn<\/strong>. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the project: <\/strong>The project \u2014 which will stand as Central Asia\u2019s first renewable power facility with a utility-scale battery storage system \u2014 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 <a target=\"_blank\" href=\"https:\/\/masdar.ae\/en\/news\/newsroom\/the-president-of-uzbekistan-witnesses-grid-connection-of-masdar--projects\" style=\"\" rel=\"noopener\">statement<\/a> said. At the time, Masdar submitted a bid with the lowest price per kWh of energy at <a target=\"_blank\" href=\"https:\/\/kun.uz\/en\/news\/2024\/05\/21\/masdar-secures-159-million-for-solar-power-plant-construction-in-bukhara-region\" style=\"\" rel=\"noopener\">USD 3.044 cents<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 250 MW solar plant will include a 63 MW battery energy storage system<\/p>\n","protected":false},"author":1,"featured_media":92256,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1604],"tags":[143,7,171,406,96],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam-uae","tag-masdar","tag-solar-energy","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"586f31bb-e46f-4aa7-83aa-f7b79ff08cbc","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/266.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar and the World Bank advance Uzbek solar project","related_issue":[92242],"teaser":"The 250 MW solar plant will include a 63 MW battery energy storage system","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.e8bcd385-6d79-4250-a4cd-7c4687d1b984.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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