The Uzbek government signed loan and guarantee agreements with three development banks to finance construction of the Central Asian nation’s first solar photovoltaic power plant.
The World Bank’s International Finance Corporation and ADB will lend up to $60 million for the plant that will be built in the central Navoi region by Abu Dhabi Future Energy, the World Bank said. The European Bank for Reconstruction and Development will provide an equity bridge loan of up to $60 million to Masdar for the construction and operation of the plant.
The World Bank will also provide a $5.1 million payment guarantee for the Uzbek government to backstop payment obligations of the project.