UZ Solar 3 (IFC-47285)

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
Alat District of the Bukhara region
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
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Nov 16, 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 Bukhara Solar PV LLC FE (MASDAR)
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)
$ 197.00 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)
$ 110.00 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.
Project Cost (USD)
$ 316.00 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 13, 2023

Disclosed by Bank Oct 10, 2023

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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 IFC, the proposed investment involves providing long term debt financing for construction and operation of 250MWac solar photovoltaic plant with 63MW/126MWh Battery Energy Storage System (BESS) and associated interconnection facilities located in the Bukhara region, Uzbekistan. The Project is undertaken by Nur Bukhara Solar PV LLC FE, a limited liability company established in Uzbekistan. The generated electricity will be sold to the JSC National Electric Grid of Uzbekistan under a 25-year power purchase agreement, including a 10-year BESS term. 

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

As stated by the IFC, the Project is estimated to cost approximately US$316 million, with the total long-term debt financing package at around US$197 million. IFC is considering providing i) an A loan in the amount of up to US$90 million, ii) a blended concessional finance loan in the amount of up to US$20 million, with IFC acting as implementing entity of the Canada-IFC Blended Climate Finance Program, and iii) an interest rate swap to cover up to US$197 million notional amount for the total long-term debt financing package. The remaining debt will be provided by the Asian Development Bank and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (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 IFC, the Project is being implemented by Nur Bukhara Solar PV LLC FE, a special purpose company incorporated in Uzbekistan, wholly owned by Abu Dhabi Future Energy Company PJSC - Masdar (Masdar). Masdar was formed in Abu Dhabi in 2006 to promote renewable energy and sustainable urban development. The Government of Abu Dhabi is the ultimate owner of Masdar via Mubadala Investment Company (Mubadala), with assets under management of c.US$276 billion, Abu Dhabi National Energy Company (TAQA) and Abu Dhabi National Oil Company (ADNOC). Masdar is active in over 40 countries and has investments in clean energy projects with a combined value of c.US$30 billion and a gross capacity of over 20GW installed or under development. The technology deployed in these projects range from onshore and offshore wind projects to solar PV and concentrating solar power technologies in the Middle East, North Africa, Europe, North America and Australasia.

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 Future Energy Company PJSC - Masdar Client Energy contracts with JSC National Electric Grid of Uzbekistan Buyer Energy
Abu Dhabi National Energy Company PJSC - TAQA Parent Company Energy owns Abu Dhabi Future Energy Company PJSC - Masdar Client Energy
Abu Dhabi National Oil Company Parent Company Energy owns Abu Dhabi Future Energy Company PJSC - Masdar Client Energy
Mubadala Investment Co PJSC Parent Company Finance owns Abu Dhabi Future Energy Company PJSC - Masdar Client 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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Client - Abu Dhabi Future Energy Company:

Mr. Arunprasad Rajasekaran - Manager, Bids
Phone: +971 2 653 3333
Email: arajasekaran@masdar.ae
Address: PO Box 54115, Abu Dhabi, UAE
Website: http://www.masdar.ae 

Local Access for Project Documentation:

Mr. Beshimov Sherzod Khamrabayevich - Deputy Khokim for investments
Location: Alat District Khokimiyat
Phone: +998 93 478 08 80

Mr. Asadov Rizo Raupovich - Deputy Khokim for Investments
Location: Bukhara Region Khokimiyat
Phone: +998 65 221 5173

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works