World Bank Approves Guarantee For Raising Solar Power Plant In Uzbekistan

2024-12-23 07:14:47

(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, December 23. The World Bank has approved a $3.5 million guarantee to support the construction of a 100 MW solar power plant in Uzbekistan's Khorezm region, the bank told Trend .

The guarantee will secure payment commitments from the state-owned National Electric Grid of Uzbekistan for electricity produced by the new facility.

French Voltalia Company will lead the development of the project through its subsidiary, Sarimay Foreign Enterprise LLC. The plant, set to become operational in November 2025, will occupy 177 hectares and generate over 240 GWh of clean energy annually. It is expected to cut carbon emissions by more than 230,000 tons per year while providing sustainable electricity to approximately 60,000 households.

This initiative is a key milestone in Uzbekistan's strategy to expand renewable energy production and accelerate its green economy transition. Once operational, the solar plant will sell electricity to the National Electric Grid of Uzbekistan under a 25-year power purchase agreement, ensuring long-term collaboration between the two parties.

The World Bank's guarantee played a pivotal role in attracting $80 million in additional investments for the project. This includes over $54 million in funding from the European Bank for Reconstruction and Development (EBRD), which will help bring the project to life.

Meanwhile, Uzbekistan plans to launch 18 new solar and wind power plants with a total capacity of 3,400 MW in 2025.

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