UPDATE - Banking group to lend USD 396m for Uzbek solar projects

The Uzbek solar project trio for which Masdar achieved financial close last week will benefit from a total of USD 396.4 million (EUR 363.4m) in financing from a group of four lenders.

The European Investment Bank (EIB) said so last week, unveiling that its own contribution amounts to USD 83.6 million.

The funds will be spent on the construction and operation of a 457-MW solar plant in Sherabad and two 220-MW solar parks in Samarkand and Jizzakh, respectively.

As previously announced, the other three lenders supporting these projects are the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB) and the European Bank for Reconstruction and Development (EBRD).

EIB’s VP Teresa Czerwinska commented that these projects “will help to reach Uzbekistan’s target of using 25% renewable sources for electricity generation by 2030.”

(USD 1.0 = EUR 0.917)

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