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TASHKENT: The Abu Dhabi Future Vitality Firm (Masdar), one of many world’s main renewable power corporations, introduced on Friday that it has achieved monetary shut on the 500-megawatt (MW) Zarafshan wind mission – Uzbekistan’s first utility-scale wind farm.
The announcement was made following a ceremony to mark the event, held in Tashkent, the Uzbek capital. Jamshid Khodjayev, Deputy Prime Minister, and Minister of Investments and International Commerce for the Republic of Uzbekistan, gave the keynote handle on the occasion, with Niall Hannigan, Chief Monetary Officer for Masdar, additionally talking. Shukhrat Vafaev, Deputy Minister of Investments and International Commerce, and Sherzod Khodjaev, Uzbekistan’s Deputy Minister of Vitality, additionally attended.
“Uzbekistan is aiming to derive 25 p.c of its power from renewable sources by 2026, and we’re grateful to Masdar and monetary establishments who’re contributing to this objective via photo voltaic, wind, and different renewable power initiatives,” stated Shukhrat Vafaev, Deputy Minister of Investments and International Commerce.
“Going ahead, we’ll proceed to work with lenders, improvement companions, and the personal sector to advertise renewable power options to gasoline Uzbekistan’s inexperienced progress.”
Landmark mission
Mohamed Jameel Al Ramahi, Chief Govt Officer of Masdar, stated, “As we speak we’re celebrating reaching a big milestone on this landmark mission, one which takes Uzbekistan a step nearer to attaining its formidable renewable power targets. Uzbekistan is a key strategic funding vacation spot for Masdar, and we look ahead to persevering with to develop and develop our robust portfolio of initiatives within the nation.”
“This achievement would additionally not have been attainable with out the help of our anchor lenders, the European Financial institution for Reconstruction and Growth (EBRD), the Worldwide Finance Company (IFC), the Asian Growth Financial institution (ADB), and Japan Worldwide Cooperation Company (JICA), to whom we owe many thanks. We’re additionally particularly grateful to Etihad Credit score Insurance coverage (ECI), whose participation facilitates the diversification of the overseas capital combine being invested into Uzbekistan, each from inside the UAE and elsewhere,” he added.
Alongside the anchor lenders for the Zarafshan mission, the Dutch Entrepreneurial Growth Financial institution, FMO, is performing as B lender, whereas Etihad Credit score Insurance coverage, Natixis and First Abu Dhabi Financial institution (FAB), are offering credit-insured lending for the mission.
Massimo Falcioni, Chief Govt Officer of Etihad Credit score Insurance coverage, commented: “We’re honoured and actually delighted to help the Republic of Uzbekistan in reaching its clean-energy aims, by offering to the UAE renewable power champion Masdar the requested credit score insurance coverage facility to develop this landmark mission for 500-megawatt wind farm in Zarafshan, the biggest renewables mission in Central Asia.
“With this profitable monetary closing, Masdar confirms to be one of many fastest-growing renewable power corporations on this planet. This milestone mission monetary closing comes simply few weeks after Mohammed Al Gergawi, Minister of Cupboard Affairs, lead a UAE delegation to Tashkent to signal an extension to the partnership with Uzbekistan, together with different areas of strategic partnership like monetary sector; training; economic system; authorities management; meals safety and agriculture, and ports and customs,” he continued.
Masdar entered into bilateral agreements with the Authorities of Uzbekistan in 2020 to develop, construct and function the Zarafshan wind farm, the biggest renewables mission in Central Asia. The mission is predicted to draw overseas direct funding of greater than US$600 million, and is a part of Uzbekistan’s effort to fulfill 25 p.c of its electrical energy wants from renewable sources by the tip of the last decade.
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