Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home Renewable Solar

Masdar achieves financial close on landmark 100 MW Nur Navoi Solar project in Uzbekistan

Urja Daily by Urja Daily
December 24, 2020
in Solar
Reading Time: 2 mins read
0
solar garden
Share on FacebookShare on TwitterShare on Linkedin

Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, announced today the financial close of the Nur Navoi Solar Project – Uzbekistan’s first successfully-financed independent power producer (IPP) solar project. 

Loan and guarantee agreements to finance the 100-megawatt photovoltaic plant were signed in a virtual ceremony with representatives from Masdar, Uzbekistan’s Ministry of Investments and Foreign Trade (MIFT), the International Finance Corporation (IFC), Asian Development Bank (ADB), the World Bank Group (WBG) and the European Bank for Reconstruction and Development (EBRD).

RELATED POSTS

Vikram Solar Honored as Top Brand PV India 2025 by EUPD Research

Acme Solar reports strong annual performance, delivering on commitments

“This landmark project will drive the development of Uzbekistan’s independent power producer market, and enable us to increase the share of renewable energy in the energy mix,” said Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan. “By opening new markets for private investment we can support energy sector reform, integrate renewables into the grid and address climate change challenges.”

“This financial close represents a major milestone for not only the Nur Navoi Solar Project but for Uzbekistan’s renewable energy objectives,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “Masdar has been a catalyst for renewable energy and clean-tech innovation in more than 30 countries around the world, and we are committed to supporting Uzbekistan in its energy transition. This project will serve as a benchmark for the country as it looks to transform its energy sector and drive sustainable recovery.” 

The Nur Navoi Solar Project was awarded to Masdar last year under the WBG’s Scaling Solar program, with Masdar tendering the lowest tariff in a competitive auction. In November 2019, Masdar signed a power purchase agreement (PPA) and government support agreement (GSA) with JSC National Electric Grid of Uzbekistan (NEGU) and the Government of the Republic of Uzbekistan to design, finance, build, own and operate the solar plant, located in the Navoi region. 

Masdar established Nur Navoi Solar FE LLC as the local project company to deliver the PV plant, which is scheduled to start operations in the third quarter of 2021. The project company will also operate and maintain the plant for 25 years.

Separately from this project, Masdar and the Government of Uzbekistan have agreed to pursue renewable energy projects together as part of a wider collaboration between Uzbekistan and Mubadala Investment Company across three key strategic energy sectors, including renewables.  

In June this year, Masdar signed an agreement with the Ministry of Investments and Foreign Trade and JSC National Electric Grid of Uzbekistan to design, finance, build and operate a 500-megawatt utility-scale wind farm project, to be located in the Zarafshon district of the Navoi Region. Commercial operation is expected to begin in 2024.

Delivering a sustainable recovery in a post-COVID-19 world will be a key topic at the ADSW Summit, being held next month as part of Abu Dhabi Sustainability Week. Hosted by Masdar, the virtual summit will bring together leaders from policy, business and technology to reimagine sustainable development and open up social, economic and technological avenues of collaboration.

Tags: MasdarNur Navoi SolarUzbekistan Ministry of Investments
ShareTweetShare
Urja Daily

Urja Daily

Related Posts

Vikram Solar

Vikram Solar Honored as Top Brand PV India 2025 by EUPD Research

by Palak
May 20, 2025
0

Kolkata : Vikram Solar Limited has been recognised as a Top Brand PV India 2025 in the modules category by...

Acme Solar

Acme Solar reports strong annual performance, delivering on commitments

by Palak
May 20, 2025
0

Key Highlights: 1,200 MW solar projects commissioned during the year; Additional 165 MW solar capacity commissioned in May’25, ▲ 101.9%...

BluPine Energy

BluPine Energy Achieves Financial Closure for 100 MW Solar Project in Gujarat

by Palak
May 14, 2025
0

BluPine Energy has secured the financial closure for its 100 MW solar power project in Tharad, Banaskantha district of Gujarat...

Vikram Solar

Vikram Solar bags 326.62 MW solar module supply order

by Palak
May 14, 2025
0

Vikram Solar Limited has received a supply order from Gujarat Industries Power Company Limited to supply 326.625 MW of high-efficiency...

Aypa Power

Aypa Power Secures $535 Million for Solar-Plus-Storage Project in California

by Palak
May 14, 2025
0

Aypa Power has secured $535 million in debt financing to support the development of its Vidal hybrid renewable energy project,...

Next Post
Sonalika Launches ‘Tiger Electric’, India’s 1st Field Ready Electric Tractor

Sonalika Launches 'Tiger Electric', India's 1st Field Ready Electric Tractor

Rooftop Solar

JA Solar Signs Agreement with Redington for Rooftop PV Projects in India

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Vikram Solar

Vikram Solar Honored as Top Brand PV India 2025 by EUPD Research

May 20, 2025
Mr. Sandesh Chitnis, CEO - Core Integra

Core Integra Launches Bengaluru Regional Office to Drive Expansion in South India

May 20, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

Vikram Solar Honored as Top Brand PV India 2025 by EUPD Research

Core Integra Launches Bengaluru Regional Office to Drive Expansion in South India

Acme Solar reports strong annual performance, delivering on commitments

Kisani Urjaa Names Damini Bisht as Co-Founder to Expand Reach to 10,000 Villages

Renny Strips Fuels Urban Growth in India with Innovative Scaffolding and Formwork Solutions

Lupin and Honeywell Collaborate to Advance HFO Technology in Inhalers

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved