The construction project of a 500 MW wind farm in the city of Zarafshan, Navoi region, received the Project Finance International Awards as the deal of the year in Central Asia. This is one of the most prestigious awards in the field of project finance, given annually to the best transactions of such kind in Europe, the USA, Asia, Africa and the Middle East.
“Receiving this award is a recognition of the complexity of the investment project and the joint efforts of all its participants in a macroeconomic volatile period. This award also testifies to the great work done, the flexibility and perseverance of all parties involved,” the Ministry of Investments, Industry and Trade of Uzbekistan noted.
The project for the construction of the Zarafshan wind farm is being implemented by Masdar from the UAE. The investment agreement with Uzbekistan was signed on June 8, 2020. The project will attract over $600 million in foreign direct investment. The wind farm in Zarafshan is expected to be commercially operational by the end of 2024. Once launched, the power plant will save 545 million cubic meters of natural gas annually and reduce carbon dioxide emissions by 1.1 million tons per year, as well as ensure the annual generation of 1.6 billion kWh of electricity, which is equivalent to the consumption of 500,000 households.
Masdar is the creator of the first solar power plant in Uzbekistan. It was built in the Karmaninsky district of the Navoi region and launched on August 27, 2021. Its capacity is 100 MW. By the end of 2023, Masdar will put into operation three more of the same facilities in Uzbekistan: a solar power plant with a capacity of 456.6 MW will be built in the Sherabad district of the Surkhandarya region, two stations with a capacity of 220 MW each will appear in the Gallyaaral district of the Jizzakh region and in the Kattakurgan district of the Samarkand region. Besides this, in December 2022, Masdar won the tender for the construction of a 250 MW solar power plant in the Bukhara region, which is scheduled to be commissioned at the end of 2024.
