The project of the Emirati company Masdar for the construction of a 500 MW wind farm in Zarafshan, Navoi region of Uzbekistan, was recognized by the PFI Awards as the deal of the year in Central Asia, the Uzbek Ministry of Investment, Industry and Trade reported.
The PFI (Project Finance International) Awards is one of the most prestigious awards in the field of project finance, awarded annually for the best project finance transactions in Europe, the USA, Asia, the Middle East and Africa.
The power plant construction project is being implemented under the terms of an Investment Agreement concluded between the Uzbek Ministry of Investment, Industry and Trade and Masdar Company.
The signed agreement provides for Masdar to provide financing, design, construction and operation of the power plant for 25 years.
It is planned to attract $600 million of foreign direct investment for the implementation of the project. After the launch, the power plant will save 545 million cubic meters of natural gas annually and reduce carbon dioxide emissions by 1.1 million tons per year, as well as provide annual generation of 1.6 billion kWh of electricity, which is equivalent to the consumption of 500 thousand households.
The investment project is aimed at solving the tasks set by the Government of Uzbekistan to bring the share of renewable energy sources in total electricity production to 25% by 2026.