UAE’s Masdar invests $100 million in Uzbek’s solar energy

UAE’s Masdar invests $100 million in Uzbek’s solar energy

The Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and Masdar (UAE), an Abu Dhabi-based clean energy development company, have signed an agreement to build a 100 MW solar power plant in the Uzbek Navoi region.

The Uzbek Ministry of Investment said in a statement that under the agreement, signed on November 8th in Tashkent, Masdar will invest up to $ 100 million in the project. Masdar will design, finance, build and operate the plant for 25 years. The construction is expected to begin in the first quarter of 2020 taking a year.

Masdar was announced the winner of the first open tender in the history of the Republic of Uzbekistan to attract investments in public-private partnerships (PPPs) in the field of solar energy on 4th of October this year.

The International Finance Corporation (IFC) participated as a consultant in the transaction and provided assistance to the Ministry of Investment and Foreign Trade in the development of relevant documentations and conduction of tenders, in which more than 40 companies from different countries participated.

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Aasem Abuzeid is the Director for MENA Region. Aasem acts as a leading marketer in the Arabic speaking countries. He is also the administrator and developer of NBN.Media.