The Ministry of Energy of Uzbekistan signed new project agreements with the UAE’s clean energy firm Masdar, owned by sovereign wealth fund Mubadala Investment Co. The company plans to invest up to $300 million in two 220 MW PV solar plants which will be built in the Jizzakh and Samarkand regions.
According to the agreements, power will be produced for the National Electric Grid of Uzbekistan for a 25-year period at record low tariffs of 1.791 US cents/kWh for the Samarkand site and 1.823 US cents/kWh for the Jizzakh site.
These projects are part of a mandate signed between the government of Uzbekistan and the International Finance Corporation (IFC) to foster the development of up to 900 MW of solar power through public-private partnerships (PPPs) and contribute to the government’s plan to develop 8 GW of solar and wind capacity by 2030.
In August 2021, Uzbekistan is aimed to launch a Request for Prequalification for up to 500 MW of PV power plants to be tendered out in three different regions, one of the sites will also include battery storage component.