TASHKENT, September 2, 2022 (WAM) — Abu Dhabi Future Energy Company (Masdar), one of the world’s leading renewable energy companies, announced today that it has achieved financial results for its 500 megawatt (MW) Zarafshan wind project. Announced – Uzbekistan’s first utility-scale wind farm.
The announcement was made after a ceremony held in Uzbekistan’s capital, Tashkent. The event featured keynote speeches by his Jamshid Khodjayev, Deputy Prime Minister and Minister of Investment and Trade of the Republic of Uzbekistan, as well as his Niall Hannigan, Chief Financial Officer of Masdar. Deputy Minister of Investment and Foreign Trade Shukrat Vafayev and Deputy Minister of Energy of Uzbekistan Sherzod Khodjayev were also present.
“Uzbekistan aims to get 25% of its energy from renewable sources by 2026. We thank Masdar and financial institutions for contributing to this goal through solar, wind and other renewable energy projects.” We are,” said Deputy Minister Shukhrat Vafaev. of investment and foreign trade. “We will continue to work with lenders, development partners and the private sector to promote renewable energy solutions that promote green growth in Uzbekistan.”
Mohammed Jamir Al Ramahi, CEO of Masdar, said: “Today we have reached an important milestone in this ground-breaking project that brings Uzbekistan one step closer to achieving its ambitious renewable energy goals. Uzbekistan is a key strategic investment destination for Masdar, and we look forward to continuing to develop and grow our strong portfolio of projects in the country.”
“This achievement has been supported by major lenders, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Development Bank (ADB) and the Japan International Cooperation Agency (as well as the diversity of foreign capital invested in Uzbekistan from within and outside the UAE). We are also especially grateful to Etihad Credit Insurance (ECI), which facilitates the
Alongside the Zarafshan project’s main lender, the Dutch Entrepreneur Development Bank (FMO) acted as a B-lender, while Etihad Credit Insurance, Natixis, and First Abu Dhabi Bank (FAB) provided credit-insured financing for the project. I’m here.
Massimo Falcioni, Chief Executive Officer of Etihad Credit Insurance, commented: This landmark project of his 500-megawatt wind farm in Zarafshan is the largest renewable project in Central Asia.
“With this successful closing, Masdar confirms that it is one of the fastest growing renewable energy companies in the world. leads UAE delegation to Tashkent and signs extension of partnership with Uzbekistan, including other areas of strategic partnership such as financial sector, education, economy, government leadership, food security and agriculture, ports and customs I will,” he continued.
Masdar signed a bilateral agreement with the government of Uzbekistan in 2020 to develop, build and operate the Zarafshan Wind Farm, the largest renewable project in Central Asia. The project is expected to attract more than US$600 million in foreign direct investment and is part of Uzbekistan’s commitment to meet 25% of its electricity demand from renewable sources by the end of 2010.
