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Tue 22 Oct 2019 03:53 PM

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UAE's Masdar picked to develop 100MW Uzbek solar plant

Masdar tendered the lowest tariff in a competitive auction to develop major solar plant in Uzbekistan

UAE's Masdar picked to develop 100MW Uzbek solar plant

The project supports Uzbekistan’s ambitious plan to develop 5GW of renewable energy by 2030 to diversify the country’s energy mix.

UAE-based Masdar, a subsidiary of Mubadala Investment Company, on Tuesday announced that it has been chosen to develop Uzbekistan’s first public-private partnership (PPP) solar project.

Announced by the Ministry of Investments and Foreign Trade of Uzbekistan, Masdar tendered the lowest tariff in the programme’s competitive auction to develop the 100MW solar plant, which will be located in the Navoi region.

Financial close is expected to be completed by the end of the first quarter in 2020, while construction of the solar plant is estimated to take 12 months.

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Mohamed Al Ramahi, CEO of Masdar, said: “Masdar is honoured to have been named as the winning bidder for the 100MW Navoi solar plant. For more than a decade, Masdar has been a catalyst for renewable energy and clean-tech innovation in more than 25 countries and this PPP agreement underscores our shared commitment with the Uzbekistan Government to help the country achieve its renewable energy ambitions.”

The project supports Uzbekistan’s ambitious plan to develop 5GW of renewable energy by 2030 to diversify the country’s energy mix.

“Uzbekistan has made a solid step towards the development of an independent power producer’s market with the country’s first open tender public-private partnership,” said Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan.

“We opened new markets for private sector participation and set a precedent in the country with the announcement of Masdar winning the first transparent and competitive tendered solar power public-private partnership.”

In March, Masdar and the Government of Uzbekistan agreed to pursue renewable energy projects together as part of a wider collaboration between the government of Uzbekistan and Mubadala Investment Company across three key strategic energy sectors.

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