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Sat 9 Nov 2019 01:33 AM

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UAE's Masdar signs deal to build Uzbekistan solar plant

Construction will start in the second quarter of 2020, with commissioning scheduled for the second quarter of 2021.

UAE's Masdar signs deal to build Uzbekistan solar plant

Mohamed Jameel Al Ramahi, CEO of Masdar.

UAE-based Masdar has signed a power purchase agreement with the Government of the Republic of Uzbekistan to design, finance, build and operate the country’s first solar power plant through a public-private partnership (PPP).

The signing ceremony was held in Tashkent, the capital of Uzbekistan, and was attended by senior official including Sardor Umurzakov, Minister of Investments and Foreign Trade of the Republic of Uzbekistan and Mohamed Jameel Al Ramahi, CEO of Masdar.

The Ministry of Investments and Foreign Trade of Uzbekistan last month announced that Masdar had submitted the lowest tariff of 2.679 cents per kilowatt-hour in the programme’s competitive auction to develop the 100-megawatt solar plant, which will be located in the Navoi region.

Masdar will design, finance, build and operate the PV power plant in the Navoi region for 25 years.

Construction will start in the second quarter of 2020, with commissioning scheduled for the second quarter of 2021.

The power generating capacity of the renewable energy projects in which Masdar is a partner is around 5GW, representing a combined investment of about $13.5 billion.

Umurzakov said: "The signing... with Masdar is a historical event, which proves again that the reforms and transformations begun under the supervision of President Shavkat Mirziyoyev three years ago are non-reversible. We will continue to implement such projects transparently and competitively to find the solutions, which are the most acceptable for the benefit of Uzbekistan."

The signing ceremony is part of Uzbekistan’s goal of developing 5GW of renewable energy by 2030.

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