EBRD Allocated $19.3 Million for the Construction of a Wind Power Plant in Nukus

The European Bank for Reconstruction and Development (EBRD) has granted a $19.3 million loan to ACWA Power Wind Karatau in order to finance a 100 MW wind farm in Nukus.  This was reported by QALAMPIR.UZ from the 32nd annual meeting of the board of bank managers in Samarkand.

“YETTB is providing a loan of 19.3 million US dollars to ACWA Powyer Wind Karatau LLC for financing the construction and operation of a 100 MW wind power plant in Karakalpakstan.

The project is the result of the first stage of EBRD’s government support program for the development of 2000 MW of wind power,” said the bank official.

Therefore, the renewable energy capacity financed by EBRD in Uzbekistan will increase by 2700 MW.

“Uzbekistan’s energy sector is a key driver of the country’s economic growth, but it is suffering from aging infrastructure, which leads to inefficient capacity, supply imbalances and occasional blackouts.  Officials are committed to achieving ambitious renewable energy targets as part of the country’s carbon neutrality goals under the Paris Agreement to ensure energy security and sustainable economic growth,” the EBRD said.

Nandita Parshad, Managing Director of EBRD’s Sustainable Infrastructure Group, said that the Aral Sea region is rebuilding its economy using wind and solar resources.

“This is the first project under the EBRD’s auction advisory program, which will help deliver 2GW of wind power through competitive bidding.  This will set a record low price for wind power and save more than 178,000 tons of CO2 emissions per year,” she says.

For information, EBRD has so far financed 2700 MW of renewable energy capacity in Uzbekistan.  In addition, the bank has been cooperating with Uzbekistan on the program for the supply of 2000 MW of wind energy through competitive bidding.

Karatau Hydroelectric Project is the first project under this program.  Furthermore, this is the first renewable energy project under the country’s Public-Private Partnership Act.  It also supports women’s participation in the country’s renewable energy sector.  Sponsor ACWA Power Wind Karatau will expand the local talent pool by introducing a new gender-responsive certified internship program in partnership with local technical institutions, expanding marketable skills and employment opportunities for young women in the country.

ACWA Power Wind Karatau JSC Limited Liability Company is a limited liability company registered in Uzbekistan and owned by the ACWA Power Company registered in Saudi Arabia, which is an active client of YETTB.

It is worth noting that EBRD is the leading institutional investor in Uzbekistan and has invested more than 4 billion euros in 135 projects.