Tashkent, Uzbekistan (UzDaily.com) -- Funding for the construction of a photovoltaic (solar) station in Navoi region was approved by the Boards of Executive Directors of the World Bank and the International Finance Corporation (IFC) on 22 September 2020.

The project is being implemented as part of the Scaling Solar Program aimed at attracting private investment in solar energy.

With the support of the IFC, several tenders will be held to select investors for the implementation of photovoltaic power plant (PVP) projects with a total capacity of 1 GW on the BOOT principles: Build - Own - Operate - Transfer (Construction - Ownership - Management - Transfer).

The winner of the first such tender in October 2019 was Masdar (UAE), which is to build a 100 MW PVP.

Currently, a tender is underway to select an investor or investors for the construction of two photoelectric power plants of 200 MW each - in the Samarkand and Jizzakh regions.

Financing of the project for the construction of the photovoltaic station by Masdar in Navoi region is carried out at the expense of the guarantee of the International Bank for Reconstruction and Development (IBRD), amounting to US$5.1 million, and borrowed funds of the IFC up to US$41 million.

The project will also be the first World Bank guarantee operation in Uzbekistan. The debt-to-equity ratio in this project should be 75 to 25, in connection with which Masdar continues negotiations to attract the rest of the loan funds.

According to the Concept for the provision of the Republic of Uzbekistan with electric energy for 2020-2030, special attention will be paid to the growth of generation through renewable energy sources (RES), in particular, solar energy. 

RES projects will be carried out at the expense of investors - independent electricity producers (IPP). The annual target parameters have been determined to increase the total capacity of electricity production based on renewable energy sources: up to 3 GW of wind and 5 GW of solar power plants by 2030.