Masdar Achieves Financial Close on Uzbekistan’s Zarafshan Wind Farm

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

The announcement was made following a ceremony to mark the occasion, held in Tashkent, the Uzbek capital.

H.E. Jamshid Khodjayev, Deputy Prime Minister, gave the keynote address at the event, with Niall Hannigan, Chief Financial Officer for Masdar, also speaking.

H.E. Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade, and HE Sherzod Khodjaev, Uzbekistan’s Deputy Minister of Energy, also attended.

“Uzbekistan is aiming to derive 25% of its energy from renewable sources by 2026, and we are grateful to Masdar and financial institutions who are contributing to this goal through solar, wind, and other renewable energy projects,” said H.E. Shukhrat Vafaev, Deputy Minister of Investment and Foreign Trade.

“Going forward, we will continue to work with lenders, development partners, and the private sector to promote renewable energy solutions to fuel Uzbekistan’s green growth.”

Mohamed Jameel Al Ramahi, CEO, Masdar, said: “Today we are celebrating reaching a significant milestone in this landmark project, one that takes Uzbekistan a step closer to achieving its ambitious renewable energy goals.

"Uzbekistan is a key strategic investment destination for Masdar, and we look forward to continuing to develop and grow our strong portfolio of projects in the nation.

"We are also especially grateful to Etihad Credit Insurance (ECI), whose participation facilitates the diversification of the foreign capital mix being invested into Uzbekistan, both from within the UAE and elsewhere.”

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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.

Sir Massimo Falcioni, CEO of Etihad Credit Insurance, said: “We are honored to support Uzbekistan in reaching its clean-energy objectives, by providing credit insurance facility to Masdar to develop this landmark project for 500-megawatt wind farm in Zarafshan.

"With this successful financial closing, Masdar confirms to be one of the fastest-growing renewable energy companies in the world."

Masdar entered into bilateral agreements with the Government of Uzbekistan in 2020 to develop, build and operate the Zarafshan wind farm, the largest renewables project in Central Asia.

The project is expected to attract foreign direct investment of more than $600 million, and is part of Uzbekistan’s effort to meet 25 percent of its electricity needs from renewable sources by the end of the decade.

The Zarafshan wind farm is Masdar’s second utility-scale project in Uzbekistan, with the 100 MW Nur Navoi Solar Project – Uzbekistan’s first successfully-financed independent power producer (IPP) solar project – starting operations last year.

Masdar also signed agreements last year to develop additional photovoltaic (PV) power projects in Uzbekistan with a combined capacity of 890 MW. The projects will be located in the Samarkand, Jizzakh and Sherabad regions of Uzbekistan.

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