EBRD Backs Uzbekistan's Green Transition With New Hydrogen Facility
Date
9/9/2024 12:18:28 AM
(MENAFN- Trend News Agency)
TASHKENT, Uzbekistan, September 9. The European
Bank for Reconstruction and Development (EBRD) is advancing
Uzbekistan's green transition by financing a pioneering renewable
hydrogen project, Trend reports.
According to the bank, the pilot facility will feature a 20 MW
electrolyzer and a 52 MW wind power plant, marking a significant
step in reducing carbon emissions and promoting renewable
energy.
EBRD is investing $ 65 million for the development, design, and
operation of the facility, managed by ACWA Power UKS Green H2, a
joint venture between ACWA Power and Uzkimyosanoat. The financing
includes a $55 million senior loan, and up to $10 million in
concessional finance from Canada under the Special Fund for the
High Impact Partnership on Climate Action (HIPCA).
Additionally, the EBRD plans to extend an equity bridge loan of
up to $5.5 million to further support the project.
This project, the first of its kind in Central Asia, aims to
produce up to 3,000 tons of renewable hydrogen annually, reducing
CO2 emissions by about 22,000 tons per year.
Meanwhile, Uzbekistan is the leading recipient of EBRD funding
in Central Asia for the fourth year in a row. To date, the bank has
invested around 4.7 billion euros in 162 projects across the
country, with most of those funds supporting private
entrepreneurship.
MENAFN09092024000187011040ID1108650294
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.