EBRD Backs Uzbekistan's Green Transition With New Hydrogen Facility

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.

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