EBRD, EIB and PROPARCO to finance Total Eren’s solar plant in Uzbekistan
Published by Bella Weetch,
Editorial Assistant
Energy Global,
The government of Uzbekistan’s plans to develop 8 GW of solar and wind capacity by 2030 have received a major boost following the approval of an €87.4 million financing package jointly organised by, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and PROPARCO, a subsidiary of Agence Française de Développement. The funds will be used to construct and put into operation a 100 MW photovoltaic (PV) solar power plant near the city of Samarkand, Uzbekistan.
The package will be provided to project developer Tutly Solar LLC (Tutly Solar), which is fully owned by Total Eren, a leading France-based independent power producer (IPP) for renewable energy sources (mainly solar and wind), active globally. It will consist of an EIB loan of €43.7 million and two loans of approximately €21.8 million each from the EBRD and PROPARCO.
This is one of the first private-sector renewable energy projects in the country. It will help diversify the energy mix, which is currently dominated by fossil fuel-fired power stations, and increase generation capacity and the reliability of supply to address growing demand for electricity. Once implemented, the project will help reduce greenhouse gas emissions by 160 000 tpy of CO2 equivalent and generate an additional 270 GWh of electricity for thousands of inhabitants of Central Asia’s most populated country.
The project will thus contribute to priorities identified in the UN's 2030 Sustainable Development Goals (SDGs): affordable and clean energy; decent work and economic growth; industry, innovation and infrastructure; and climate action.
After the commissioning, the electricity produced by Tutly Solar will be sold to the operator, National Electric Networks of Uzbekistan, through a 25-year power purchase agreement (PPA). The project, which involves Total Eren as one of the first IPPs in the country, will develop Uzbekistan’s huge solar potential.
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Energy Global's Spring 2021 issue
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Read the article online at: https://www.energyglobal.com/solar/11052021/ebrd-eib-and-proparco-to-finance-total-erens-solar-plant-in-uzbekistan/
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