Vice-President of the European Investment Bank (EIB) Teresa Czerwińska remarked, “This project will help to meet EU objectives and Uzbekistan’s national objectives related to energy generation. It aligns with EIB priorities on renewable energy, climate action and environmental sustainability. It will help to reach Uzbekistan’s target of using 25% renewable sources for electricity generation by 2030. At the same time, it will improve the quality of life for people in Uzbekistan by reducing carbon emissions and air pollution.”

The loan funds three separate projects, all wholly owned by Masdar (Abu Dhabi Future Energy Company PJSC). It will finance the construction and operation of three solar photovoltaic plants: two generating 220 MWac in Samarkand and Jizzakh and one generating 457 MWac in Sherabad. The funds will also connect the plants to the public electricity network in a grid owned and operated by Uzbekistan’s transmission system operator. This will advance the country’s plan to develop 7 GW of solar and 5 GW of wind capacity by 2030. Once implemented, the project will help reduce annual greenhouse gas emissions by the equivalent of over one million tonnes of CO2.

The project will increase Uzbekistan’s electricity supply, helping address the country’s growing energy demand and diversifying its energy away from carbon emissions. Construction will begin immediately, and the new photovoltaic plants will become operational in 2024.

The project will also contribute to priorities identified among the United Nations’ 2030 Sustainable Development Goals: affordable and clean energy; decent work and economic growth; industry, innovation and infrastructure; and climate action.

Image source: Courtesy of EIB; image credit: ©Science in HD/ Unsplash

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