As stated by the World Bank, the project development objective is to increase private sector led renewable energy supply in Uzbekistan.
The USRES Project will be supported by an IBRD payment guarantee and comprises one hybrid power plant containing solar PV plant (250 MW) with BESS component of (63 MW/126 MWh). A Special Purpose Vehicle namely "Nur Bukhara Solar PV" Foreign Enterprise LLC, incorporated by the sponsor (i.e. Masdar) in Uzbekistan, will develop the hybrid power plant. The power plant site covers 691-hectares (ha) in Alat District of the Bukhara region. In addition to providing RE generation, the Bukhara Solar IPP will be a first-of-its-kind project to solve the intermittency issues resulting from renewable integration by coupling the 250 MW solar PV plant with 63 MW/126 MWh of BESS.
IFC Transaction Advisory assisted the GoU with the due diligence process, transaction structure and tendering processes. The commercial close for the project was completed in April 2023 with an expected financial close date of January 2024. The private developer Masdar won the bid with a tariff of US¢3.044 per kWh for the Solar PV and USD 16.555 per MW per hourly availability for the BESS component under a 25-year PPA term with a 10-year operating term for the BESS component, under the same PPA.
According to the World Bank, the E&S risk of the project is "Moderate".
As stated by Bloomberg, Masdar Abu Dhabi Future Energy Company provides renewable energy solutions. The Company offers clean energy development, sustainable procurement, and supply chain consultancy services. Masdar Abu Dhabi Future Energy serves customers worldwide.
As stated by Masdar, the Project will be implemented through a long-term, i.e., 25 years power purchase agreement between Nur Bukhara Solar PV LLC Foreign Enterprise and JSC National Electric Grid of Uzbekistan as the off-taker.
|Private Actor 1
|Private Actor 1 Role
|Private Actor 1 Sector
|Private Actor 2
|Private Actor 2 Role
|Private Actor 2 Sector
|Abu Dhabi Future Energy Company PJSC - Masdar
World Bank Team Leaders:
Ferhat Esen - Senior Energy Specialist
Philip Lam - Senior Energy Specialist
Maksudjon Safarov - Senior Energy Specialist
No contacts provided at the time of disclosure.
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