TASHKENT, Uzbekistan, December 6. The European Bank for Reconstruction and Development (EBRD) will offer a long-term senior debt of up to $34 million for the development, building, and management of a 100 MW solar photovoltaic power plant on a site in Uzbekistan's Khorezm area, Trend reports.
The financing will be provided to Sarimay Solar FE LLC, a special-purpose vehicle (the borrower) established in Uzbekistan and fully owned by Voltalia SA (the sponsor).
According to the bank, the project will contribute to the EBRD's Green Economy Transition (GET) policy by allowing the country to create electricity using solar power, reducing its dependency on thermal power generation.
The entire project cost is anticipated to be $85 million.
Meanwhile, the EBRD approved its five-year country plan in 2018, specifying priority sectors for the Bank's initiatives in Uzbekistan.
According to the head of the EBRD office in Uzbekistan, Andi Aranitasi, those priorities include the enhancement of competitiveness by strengthening the role of the private sector’s role in the economy, as well as the promotion of green energy and resource solutions across sectors.
Aranitasi said support for increased regional and international cooperation and integration has also been one of the pillars of the Bank's cooperation with Uzbekistan.
