Thursday 21 November 2019
 
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DESIGN, FINANCE, BUILD CONTRACT

Masdar signs landmark Uzbek solar power project agreement

ABU DHABI, 12 days ago

Masdar, one of the world’s leading renewable energy companies, has signed a power purchase agreement (PPA) and a government support agreement (GSA), with Uzbekistan to design, finance, build and operate the country’s first solar power plant through a public-private partnership (PPP).
 
The Ministry of Investments and Foreign Trade of Uzbekistan last month announced that Masdar had submitted the lowest tariff of $2.679 cents per kilowatt-hour in the programme’s competitive auction to develop the 100-megawatt (MW) utility-scale PV solar plant, which will be located in the Navoi region.
 
The PPA was signed by Dadajon Isakulov, chairman of JSC National Electric Grid of Uzbekistan, and Masdar CEO Mohamed Jameel Al Ramahi in capital Tashkent, in the presence of Sardor Umurzakov, Minister of Investments and Foreign Trade of the Republic of Uzbekistan; Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade; Sherzod Khodjaev, Deputy Minister of Energy. 
 
Other high-level officials from both Uzbekistan and the UAE, including Saeed Matar Al-Qamzi, UAE Ambassador to Uzbekistan; and Yousif Al Ali, Acting Executive Director, Clean Energy, Masdar also took part.
 
"Today’s signing is a historic milestone for Uzbekistan and its ambitions to diversify its energy mix," remarked Al Ramahi. 
 
"As a global leader in the development of commercially viable renewable energy in more than 25 countries, Masdar is honoured to partner with Uzbekistan in the realisation of this landmark solar energy project," he stated.
 
As transaction advisor, the International Finance Corporation helped 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.
 
Umurzakov said: "The signing of the GSA with Masdar is a historical event, which proves again that the reforms and transformations begun under the supervision of President Shavkat Mirziyoyev three years ago are non-reversible."
 
"We will continue to implement such projects transparently and competitively to find the solutions, which are the most acceptable for the benefit of Uzbekistan," he noted.
 
Today’s signing ceremony highlighted Uzbekistan’s goal of developing 5 gigawatts (GW) of renewable energy by 2030. Under the IFC’s Scaling Solar programme, Uzbekistan aims to install 1GW of solar PV power.
 
As per the deal, Masdar will design, finance, build and operate the PV power plant in the Navoi region for 25 years. 
 
Construction will start in the second quarter of 2020, with commissioning scheduled for the second quarter of 2021.
 
The power generating capacity of the renewable energy projects in which Masdar is a partner is around 5GW, representing a combined investment of approximately $13.5 billion.-Trade Arabia News Service



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