BAKU, Azerbaijan, May 10
By Klavdiya Romakayeva - Trend:
The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and Proparco, a subsidiary of Agence Française de Développement will fund the construction of a photovoltaic solar power plant near the city of Samarkand in Uzbekistan, Trend reports citing EBRD.
According to the information, the government of Uzbekistan’s plans to develop 8 GW of solar and wind capacity by 2030 has received a major boost following the approval of an €87.4 million financing package jointly organized by EBRD, EIB and Proparco.
It is noted that the funds will be used to construct and put into operation a 100 MW photovoltaic solar power plant near the city of Samarkand.
The package will be provided to project developer Tutly Solar LLC, which is fully owned by Total Eren, a leading France-based independent power producer (IPP) from renewable energy sources (mainly solar and wind), active globally. It will consist of an EIB loan of €43.7 million and two loans of approximately €21.8 million each from the EBRD and Proparco.
It is reported that once implemented, the project will help reduce annual greenhouse gas emissions by 160,000 tons of CO2 equivalent and generate an additional 270 GWh of electricity for thousands of inhabitants of Uzbekistan.
The project will thus contribute to prioritizing identified in the United Nations’ 2030 Sustainable Development Goals (SDGs): affordable and clean energy; decent work and economic growth; industry, innovation and infrastructure; and climate action.
After the commissioning, the electricity produced by Tutly Solar will be sold to the operator, National Electric Networks of Uzbekistan, through a 25-year power-purchasing agreement. The project, which involves Total Eren as one of the first Independent Power Producers in the country, will develop Uzbekistan’s huge solar potential.
Head of Proparco’s Power and Digital Division for this region Anne Gautier said that a unique project developed by Total Eren, and it is the first project in the renewable energy sector of Uzbekistan.
EBRD Managing Director, Sustainable Infrastructure Group, Nandita Parshad added that the project is designed to achieve carbon neutrality of the power sector in Uzbekistan by 2050, as well as to align the development of the country’s power sector with commitments under the Paris Agreement.
In addition, Vice-President at EIB, Responsible for operations in Uzbekistan, Teresa Czerwińska stated that the plant will make an important contribution to both country’s sustainable economic and social development, and allow Uzbekistan to reinforce the global fight against climate change.
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