Masdar announces funding for Zarafshan wind project. The latter has a capacity of 500 MW and is located in Uzbekistan.
Uzbekistan bets on Masdar projects
Masdar contributes to Uzbekistan’s goals with its large-scale wind power project. The country wants to get 25% of its energy from renewable sources by 2026. Thus, Shukhrat Vafaev, Deputy Minister of Investment and Foreign Trade, states:
“Going forward, we will continue to work with lenders, development partners and the private sector to promote renewable energy solutions to fuel Uzbekistan’s green growth.”
Masdar is thus taking advantage of the favourable terrain for development that Uzbekistan offers. In fact, the company seems to want to establish itself and expand in the country. For example, it is already inking agreements to develop other photovoltaic projects with a combined capacity of 890 MW.
The conclusion of bilateral agreements for the development of the Zarafshan project dates back to 2020. However, Zarafshan is the second project in Uzbekistan after Nur Navoi. The Nur Navoi project, which went into operation last year, is the independent power producer’s first solar project.
A growing company
To date, Zarafshan is the largest renewable energy project in Central Asia. In addition, it could attract significant foreign direct investment of over $600 million. Its commercial operation would begin in 2024 and would provide electricity for 500,000 homes.
Masdar’s presence in Uzbekistan confirms the company’s rapid growth. The company aims to reach a total capacity of over 50 GW by 2030. In addition, the shareholders support the idea of creating a group of major players in green energy.
Masdar wants to maintain the UAE’s place in the global energy sector. The company supports the country in its energy transition. Based in Abu Dhabi, the company is active in some 40 countries on five continents.
