UAE-based Masdar, a leading global renewable energy company, has announced that it has won a bid to develop Uzbekistan’s first public-private partnership (PPP) solar project, which is expected to cost around $100 million.
The project is a part of the International Finance Corporation’s (IFC) Scaling Solar programme. IFC will fund around 60 percent of the solar plant to be developed by Masdar in Uzbekistan.
According to 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 utility-scale solar plant, which will be located in the Navoi region.
The Masdar solar project is also part of Uzbekistan’s greater plan to develop 5 gigawatts of renewable energy by 2030 to cut down its carbon emission.
Mohamed Al Ramahi, CEO of Masdar told the media, “Masdar is honoured to have been named as the winning bidder for the 100 megawatt 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.”
Masdar, which is also a fully owned subsidiary of Mubadala Investment Company, signed a contract with UAE-headquartered waste management company Bee’ah. Masdar will develop a ground-mounted solar power plant, designed by US-based car manufacturer Tesla, at Bee’ah’s newly developed headquarters.
According to reports which came out earlier this month, Masdar is considering acquiring a 20 percent stake in Hero Future Energies for $150 million. IFC, the private sector investment arm of World Bank also owns a 27 percent stake in Hero Future Energies. IFC bought its stakes in the Indian company by investing $125 million into the company back in 2017.