Tashkent, Uzbekistan (UzDaily.com) -- One of the leading international companies for the development of renewable energy sources - “Masdar” (UAE) will build one of the largest wind power stations in the world with a capacity of 500 MW in Navoi region.

The signing ceremony of the investment agreement between the Emirate company and the Ministry of Investment and Foreign Trade took place today, on 8 June 2020, according to which Masdar will provide design, financing, construction and operation of a wind power station.

This is the second large project implemented by this company in the Republic of Uzbekistan - in October last year, Masdar won tenders for the construction of a 100 MW solar power plant in the Navoi region on the basis of a public-private partnership. Corresponding agreements for the implementation of this project were signed in January 2020.

The construction and further operation of a wind farm will have a positive impact on the country's economy.

First of all, this is attracting more than US$600 million of direct foreign investment in the project, as well as creating 1,300 new jobs both at the construction stage and during its subsequent operation.

Also, the wind power plant will diversify and strengthen the energy balance of the Republic by generating affordable and cheap electricity in the amount of 1.9 gigawatt hours. per year, which is equivalent to the consumption of more than 500,000 households.

The introduction of modern technologies of renewable energy sources will also help to reduce the volume of natural gas used to generate electricity (up to 175 million cubic meters per year) with their redirection to other needs, as well as - importantly - a significant reduction in carbon dioxide emissions (by 1.1 million tons per year).

Construction work is scheduled to begin before the end of this year with the commissioning of the first stage of generating capacities (up to 250 MW) in mid-2022 and all capacities by the end of 2023.