Voltalia wins EBRD funding for 126MW solar plant in Uzbekistan
Renewable energy producer Voltalia has secured funding from the European Bank for Reconstruction and Development (EBRD) for the Sarimay Solar plant in Uzbekistan.
The 126MW solar project, scheduled for commissioning in the second half of 2025, is currently under construction in the Khorezm region.
The funding package of up to US$54.6 million is specifically to support Sarimay Solar during the construction phase of the project.
Once complete, the plant will generate clean power for approximately 60,000 residents and will help avoid 141,000 tonnes of CO2 emissions annually.
According to the EBRD, their financial package will consist of a senior loan of up to $44.8 million and a special VAT facility of €9 million ($9.8 million). An unfunded guarantee covering a senior loan tranche of $7 million will also be provided by the European Union’s European Fund for Sustainable Development Plus.
Sébastien Clerc, CEO of Voltalia, commented in a statement: “Voltalia is proud to announce the financing agreement for the Sarimay Solar plant in Uzbekistan. I extend my sincere thanks to our long-term partner, the EBRD, for their support in reaching this important milestone.”
Sarimay Solar was awarded to Voltalia via a tender process organised by the Ministry of Energy of the Republic of Uzbekistan and sponsored by the International Financing Corporation.
In January 2023, Voltalia was announced as the winning bidder with a proposed electricity price of 28.88$/MWh and since then has been working to obtain permits, conduct social and environmental impact assessments and select suppliers and subcontractors.
Voltalia will finance, develop, build, operate and maintain the solar power plant over a period of 25 years.
Uzbekistan has a great deal of solar potential according to the International Energy Agency. The government has set targets to achieve solar power capacity of 4GW by 2026 and 5GW by 2030, however, policy adjustments and grid infrastructure developments are needed to promote the growth of the sector.