BAKU, Azerbaijan, April 25. IFC has signed an agreement to support Uzbekistan as it develops a series of utility-scale wind farms, helping the country transition toward clean energy and meet the growing demand for electricity, Trend reports via the corporation.
IFC will advise Uzbekistan as it structures a public-private partnership (PPP) to mobilize private sector experience and capital to construct and operate up to 500 megawatts of wind power plants across Uzbekistan.
The project will contribute to Uzbekistan’s target of generating 25 percent of its electricity from renewable sources by 2026.
“We welcome this agreement as a further indication of IFC’s commitment to the country’s strategic drive to green our power sector portfolio in the coming years. The project will contribute to the government’s efforts to diversify Uzbekistan’s energy mix while increasing the capacity of its renewable energy,” Deputy Prime Minister of Uzbekistan Jamshid Kuchkarov said.
“Affordable, renewable energy is crucial for Uzbekistan’s future. It can be an engine of economic growth while contributing to the global efforts to face the growing climate crisis,” IFC's Regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan Hela Cheikhrouhou said.
IFC has been advising the government of Uzbekistan on attracting private investments in the energy sector on transparent and competitive terms and in line with the highest environmental, social and governance standards since 2018. Supporting renewable energy projects and opening the sector to private investments is a pillar of IFC’s work in Uzbekistan and the Central Asia region.
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