In November 2019, Masdar signed a Power Purchase Agreement (PPA) and Government Support Agreement (GSA) with the Government of the Republic of Uzbekistan to design, finance, build and operate the country’s first public-private partnership (PPP) solar power plant.
Uzbekistan’s Ministry of Investments and Foreign Trade awarded the project to Masdar after it tendered the lowest tariff of 2.679 US cents per kilowatt hour in a competitive auction to develop the 100-megawatt (MW) utility-scale PV solar plant, which will be located in the Navoi region.
As transaction adviser, the International Finance Corporation assisted the Ministry of Investments and Foreign Trade and the Ministry of Energy to design and tender the PPP, which attracted more than 40 bidders, under its Scaling Solar programme.
The plant provides electricity to 31,000 homes and mitigates 150,000 tonnes of CO2 annually.
Uzbekistan aims to develop 5 gigawatts (GW) of renewable energy by 2030. Under the IFC’s Scaling Solar programme, Uzbekistan plans to install 1GW of solar PV power.
Project Completion Year