• Masdar submitted the lowest bid for the 100MW project, which will be located in the Navoi region
• The solar plant comes under the IFC’s Scaling Solar programme, with financing expected to be completed by the end of Q1 2020
Abu Dhabi, United Arab Emirates; October 22, 2019: Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, has announced that it is the winning bidder to develop Uzbekistan’s first public-private partnership (PPP) solar project under the International Finance Corporation’s (IFC) Scaling Solar programme.
Announced by the Ministry of Investments and Foreign Trade of Uzbekistan, Masdar tendered the lowest tariff in the programme’s competitive auction to develop the 100-megawatt (MW) utility-scale solar plant, which will be located in the Navoi region.
Mohamed Al Ramahi, CEO of Masdar, said: “Masdar is honoured to have been named as the winning bidder for the 100MW Navoi solar plant. For more than a decade, Masdar has been a catalyst for renewable energy and clean-tech innovation in more than 25 countries and this PPP agreement underscores our shared commitment with the Uzbekistan Government to help the country achieve its renewable energy ambitions.”
The project supports Uzbekistan’s ambitious plan to develop 5 gigawatts (GW) of renewable energy by 2030 to diversify the country’s energy mix. Under the Scaling Solar approach, Uzbekistan is aiming to develop up to 1GW of solar power and the 100MW solar plant in Navoi is the first step in this strategy.
“Uzbekistan has made a solid step towards the development of an independent power producer’s market with the country’s first open tender public-private partnership,” said Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan. “We opened new markets for private sector participation and set a precedent in the country with the announcement of Masdar winning the first transparent and competitive tendered solar power public-private partnership.”
Financial close is expected to be completed by the end of the first quarter in 2020, while construction of the solar plant is estimated to take 12 months.
Independently from this tender, in March this year, Masdar and the Government of Uzbekistan agreed to pursue renewable energy projects together as part of a wider collaboration between the government of Uzbekistan and Mubadala Investment Company across three key strategic energy sectors.
Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Masdar’s renewable energy projects are located in the UAE, Jordan, Mauritania, Egypt, Morocco, the UK, Serbia and Spain.
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