The UAE company will design, finance and build two large photovoltaic power plants in Uzbekistan.
On July 12, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and CEO at Masdar (UAE) Mohamed Jameel Al Ramahi took part in the ceremony of signing the investment agreements in Tashkent. Under the agreements, the UAE company will design, finance and build two 220 MW photovoltaic plants in Samarkand and Jizzakh Regions. US$ 300 million will be earmarked for the implementation of the projects, the press office of the Ministry of Investments and Foreign Trade of Uzbekistan reports.
The above-mentioned plants will operate for 25 years. Construction work will begin later the year and finish in 2023.
Masdar and the National Electric Grids of Uzbekistan JSC signed an electricity power agreement during the bilateral meeting. Under the agreement, the Uzbek side will buy back electricity from the UAE company for 25 years.