Voltalia nabs EBRD funding for 126-MW solar project in Uzbekistan

French renewable power plants operator Voltalia SA (EPA:VLTSA) said on Thursday it has signed a funding deal of up to USD 54.6 million (EUR 50.2m) to support the ongoing construction of a 126-MW solar project in Uzbekistan.

The deal with the European Bank for Reconstruction and Development (EBRD) will provide the Paris-based company with a senior loan of up to USD 44.8 million and a special VAT facility worth USD 9.8 million. The financing will be allocated for the Sarimay project, which will also benefit from an unfunded guarantee covering a USD-7-million senior loan tranche provided by the European Union's European Fund for Sustainable Development Plus.

The Sarimay photovoltaic (PV) farm is currently being built in the Khorezm region of northwestern Uzbekistan and is expected to become operational in the second half of 2025. It will be run under a 25-year power sales deal, which Voltalia secured in a tender coordinated by the International Finance Corporation at end-2022.

Once up and running, the solar park is anticipated to generate enough electricity to meet the demand of roughly 60,000 residents.

(USD 1.0 = EUR 0.920)

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