Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Uzbekistan

Geographic location where the impacts of the investment may be experienced.

Specific Location

Jizzakh

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

Netherlands Development Finance Company (FMO)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Apr 19, 2023

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Nur Jizzakh Solar PV FE LLC

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 6.14 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Loan Amount (USD)

$ 6.14 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Corporate Actor Documents

Media Documents

Masdar closes financing for 900MW PV portfolio in Uzbekistan

Other Related Projects

Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 23, 2024

Disclosed by Bank Feb 28, 2023

Contribute Information
Can you contribute information about this project?
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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the FMO, the latter participates as a B-lender with EBRD in the lead. Long term financing will be used to fund the investments needed for the construction of the solar powered project. Such long-term funding is not available from local banks.
The funding contributes to the Company's construction and expansion of their renewable energy assets in the country, accelerating the sustainable energy transition in Uzbekistan.

For a Russian version of the FMO's disclosure, access this link https://www.fmo.nl/jizzakh-solar.

Masdar's dedicated webpage is available at this link https://masdar.ae/Masdar-Clean-Energy/Projects/Jizzakh-Solar-Project.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

FMO's E&S category for this transaction is B+, with key risks relating to land acquisition and potential permanent physical and economic displacement of people.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

Netherlands Development Finance Company (FMO)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the FMO, Jizzakh Solar is a renewable energy company who will build, own, and operate an up to 220 MW solar-power project in Uzbekistan. The company is owned by Masdar which is ultimately owned by Mubadala Investment Company, Taqa and Abu Dhabi National Oil Company. Established in 2006, Masdar is a global leader in renewable energy and sustainable urban development, active in over 25 countries (with credit ratings: Fitch (A+) and Moody's (A2)).

As stated on the company's website, Mubadala is a sovereign investor managing a diverse portfolio of assets in the UAE and abroad.

As stated by Bloomberg:

Abu Dhabi National Energy Company - TAQA is a global energy company with operations in power generation, water desalination, upstream oil/gas, pipelines, gas storage and LNG regas.

Abu Dhabi National Oil Company (ADNOC) explores and produces petrochemical products. The Company offers processing, refining, marketing, and distribution of crude oil, petroleum, gas, sulfur, and petrochemical products. ADNOC serves customers worldwide.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
Abu Dhabi National Energy Company PJSC - TAQA	Parent Company	Energy	owns	Abu Dhabi Future Energy Company PJSC - Masdar	Parent Company	Energy
Abu Dhabi National Oil Company	Parent Company	Energy	owns	Abu Dhabi Future Energy Company PJSC - Masdar	Parent Company	Energy
Mubadala Investment Company	Parent Company	Finance	owns	Abu Dhabi Future Energy Company PJSC - Masdar	Parent Company	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Parent Company - Abu Dhabi Future Energy Company PJSC - Masdar:

Address: Presidential Flight, Khalifa City A, Abu Dhabi, UAE, P.O. Box 54115
Phone: +971 2653 3333
Fax: +971 2653 6002
Website: https://masdar.ae/

Parent Companies (of Masdar) -

Mubadala Investment Company:

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism