EBRD backs 300MW of Masdar solar and energy storage in Uzbekistan

This comes alongside concessional financing from Canada, Finland and Japan. The EBRD mobilised US$20million from Canada, US$5 million from Finland and up to US$3.9 million from the Japan-EBRD Cooperation Fund.

The project will be developed and built by the Emirati state-owned renewables developer, Masdar, via a special project company, Nur Kashkadarya Solar, which was the recipient of the loan.  

The Uzbekistan government is seeking to develop 25GW of solar and wind capacity by 2030, a target the EBRD said it is actively supporting. The bank has invested in 204 projects across Uzbekistan to date, it said, to the tune of almost US$6.8 billion, the most of any country in Central Asia. This includes 2.4GW of solar PV capacity, 1.6GW of wind power and 668MW/1,837MWh of battery energy storage system (BESS) capacity.

Much of the EBRD’s investment in Uzbekistan has gone to projects developed by Middle Eastern firms. In October, it announced a US$142 million investment in a 1GW/1.3GWh solar and energy storage platform developed by Saudi Arabia’s ACWA Power. This followed a smaller investment in an ACWA Power project in the country in July 2024.

Masdar itself has previously secured EBRD financing for a 760MW solar PV portfolio in Azerbaijan.