EBRD to Invest up to US$195.5 Million in Construction of Solar Power Plant and Battery Storage in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — The European Bank for Reconstruction and Development (EBRD) continues to actively support the development of renewable energy in Uzbekistan, providing financing for the construction and operation of a new 300 MW solar power plant with a 75 MWh battery energy storage system (BESS) in the Kashkadarya region.

The total financing package arranged by the EBRD amounts to up to US$195.5 million (EUR 168.5 million).

The package includes an EBRD loan of up to US$141.6 million (EUR 122.1 million) and a guarantee of up to US$25 million (EUR 21.6 million) for the project company Nur Kashkadarya Solar PV FE LLC, fully owned by the global renewable energy developer Masdar. The project also benefits from concessional financing of up to US$20 million (EUR 17.2 million) from the Government of Canada and US$5 million (EUR 4.3 million) from the Government of Finland through the High Impact Partnership for Climate Action Fund (HIPCA). Additional financing of US$3.9 million (EUR 3.4 million) is provided under the Japan-EBRD Cooperation Fund and by the EBRD itself. Co-financing is also expected from the Asian Development Bank.

The project represents a significant contribution to the Uzbek government’s renewable energy plan, supported by the EBRD, which aims to develop solar and wind power plants with a combined capacity of 25 GW by 2030. Upon completion, the solar power plant will generate approximately 664 GWh of electricity per year, supplying power to around 60,000 households and reducing annual CO₂ emissions by 400,000 tons.

The integration of the 75 MW / 75 MWh battery energy storage system will enhance the stability of the national power grid, providing additional capacity during peak demand periods and improving overall reliability and flexibility of the electricity system.

The EBRD is a leading investor in green energy projects in Uzbekistan. To date, the bank has supported the construction of wind power plants with a total capacity of 1.65 GW, solar photovoltaic plants with a total capacity of 2.4 GW, and battery energy storage systems with a combined capacity of 668 MW / 1,837 MWh, all implemented by international developers.

Since the start of its operations in Uzbekistan, the EBRD has invested nearly US$6.8 billion across 204 projects, with the majority of funds directed toward supporting private entrepreneurship. Over the past six years, Uzbekistan has remained the largest recipient of EBRD financing in Central Asia.