On December 22 this year, the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan hosted a ceremony of signing a loan agreement worth more than USD 100 million via videoconferencing as part of a project for the construction of a photovoltaic power plant in Navoi region. This provided that the Emirate company would act as a borrower for the International Finance Corporation, Asian Development Bank, and European Bank for Reconstruction and Development.

The Emirate company won the first for Uzbekistan auction for the selection of a foreign investor for the construction and operation of a photovoltaic power plant. Masdar offered one of the world's lowest rates amounted to US cents 2.67 per kWh. According to an investment agreement signed with the Ministry of Investment and Foreign Trade in November 2019, Masdar has committed to design, financing, and construction of a photovoltaic power plant, as well as its operation for 25 years.

Photovoltaic power plant will be commissioned in August 2021.

This project is a part of the program of the Government of Uzbekistan focused at diversification of the country's energy balance, including by bringing the total capacity of solar energy facilities in the Republic to 5 GW by 2030.

Masdar will directly invest in the project more than USD 100 million and will create 150 new jobs during construction. The commissioning of a photovoltaic power plant will provide 260 million kWh of electricity per year.

The introduction of renewable energy sources will reduce the use of natural gas to generate electricity (up to 175 million cubic meters per year), as well as significantly reduce carbon dioxide emissions (up to 1.1 million tons per year).

For reference: Masdar is a subsidiary of the Mubadala Investment Company, a holding owned by the Government of Abu Dhabi, and is one of the leading international renewable energy companies in the world. Investment projects implemented by the Company include more than 4,000MW of installed capacity generating electricity from renewable sources.