Abu Dhabi (Etihad)
Abu Dhabi Future Energy Company (Masdar) has completed the financial close of the 500 MW Zaravshan Wind Power Project, the first utility-scale wind farm in Uzbekistan.
The announcement came during a ceremony held in the Uzbek capital of Tashkent, during which His Excellency Jamshid Khojayev, Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan, delivered the keynote. On this occasion, Niall Hannigan, Chief Financial Officer of “Masdar” also gave a speech in the presence of everyone. From His Excellency Shukhrat Favaev, Deputy Minister of Investment and Foreign Trade of the Republic of Uzbekistan, and Sherzod Khojaev, Deputy Minister of Energy of Uzbekistan.
Shukhrat Vafayev, Deputy Minister of Investment and Foreign Trade of Uzbekistan said: “Uzbekistan aims to provide 25 percent of its energy from renewable sources by 2026, and we appreciate the contributions of Masdar and the financial institutions that support achieving this goal through the development of solar energy. , wind and other projects. Renewable energy sources”.
For his part, Mohamed Jamil Al Ramahi, CEO of Masdar, said: “Today we celebrate the completion of an important phase of this landmark project, which is a step forward on the path to achieving Uzbekistan’s ambitious goals in renewable energy. Uzbekistan is a strategic investment destination for Masdar and we look forward to continuing to develop and expand our portfolio of projects there.”
In addition to the main lenders, the Dutch Entrepreneurship Development Bank is participating as a Tier B lender, while Union Export Credit, Natixis and First Abu Dhabi Bank are co-financing the project by providing secured loans.
