The Asian Infrastructure Investment Bank (AIIB) has signed three new project finance loan agreements worth an aggregate amount of USD 83.6 million as part of a USD 396.4 million debt financing to Abu Dhabi Future Energy Company PJSC (Masdar) for the construction of three greenfield solar photovoltaic (PV) power plants in Uzbekistan’s Samarkand, Djizzakh and Surkhandarya regions.
The Asian Development Bank, the European Bank for Reconstruction and Development and the European Investment Bank are also supporting the financing. These three solar PV plants contribute to Uzbekistan’s National Strategy for the transition to a green economy which aims to install over 7 GW of solar capacity by 2030. Once completed, the projects’ combined size will reach 897 MW. The three plants combined are expected to generate green electricity to supply over one million households and help reduce emissions by close to one million tonnes of carbon dioxide-equivalent per year on average.