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    Masdar Completes Project Financing for Zarafshan Wind Project in Uzbekistan

    September 9, 2022 - Marketline - Deals


      Deal In Brief

      Masdar, one of the world’s leading renewable energy companies, has announced that it has achieved financial close on the 500-megawatt (MW) Zarafshan wind project – Uzbekistan’s utility-scale wind farm

      The announcement was made following a ceremony to mark the occasion, held in Tashkent, the Uzbek capital. His Excellency Jamshid Khodjayev, Deputy Prime Minister, and Minister of Investments and Foreign Trade for the Republic of Uzbekistan, gave the keynote address at the event, with Niall Hannigan, Chief Financial Officer for Masdar, also speaking. HE Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade, and HE Sherzod Khodjaev, Uzbekistan’s Deputy Minister of Energy, also attended

      The anchor lenders of the project are, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Development Bank (ADB), and Japan International Cooperation Agency (JICA). Alongside the anchor lenders for the Zarafshan project, the Dutch Entrepreneurial Development Bank, FMO, is acting as B lender, while Etihad Credit Insurance, Natixis and First Abu Dhabi Bank (FAB), are providing credit-insured lending for the project

      The 500 MW Zarafshan wind farm, which is expected to begin commercial operation by the end of 2024, will provide enough electricity to power 500,000 homes, while displacing 1.1 million tonnes of carbon dioxide per year. Masdar signed the Power Purchase Agreement (PPA) and Investment Agreement for the Zarafshan wind farm with the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and JSC National Electric Grid of Uzbekistan in June 2020.

      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Completed: 2022-09-02

      Deal Participants

      Deal Rationale

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)


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