Masdar’s total investment in Uzbekistan reaches $4 billion

Abu Dhabi clean energy company Masdar’s total investment in Uzbekistan has reached $4 billion, with 1.4 gigawatts of clean energy from its projects now connected to the national grid in the country.

The company on Thursday signed an implementation agreement to develop a two-gigawatt wind farm announced in May.

The new agreement also includes the deployment of 1,150 megawatt hours (MWh) of battery energy storage capacity, up from the 500 MWh announced in May, across five of the company's projects in Uzbekistan, Masdar said on Thursday.

Meanwhile, the projects connected to the country's grid include the Zarafshan wind farm and three solar projects located in Jizzakh, Samarkand and Sherabad, which represent the largest solar development programme in the region.

“The historic UAE consensus achieved at Cop28 sets out an ambitious climate agenda to keep 1.5°C within reach by transitioning to clean energy projects and reducing harmful emissions,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar, and Cop28 President.

Delegates at the UN summit in Dubai agreed to a deal this month that would, for the first time, push nations to transition away from fossil fuels to avert the worst effects of climate change.

“These ambitious projects will be an essential contribution to that shared goal, as we partner with Uzbekistan to support its clean energy objectives and strengthen the already powerful bond between our two nations,” Dr Al Jaber said.

“The world has come together to set a target of tripling renewable energy capacity by 2030, and that means delivering projects at a scale greater than we ever reached before.”

Uzbekistan is targeting seven gigawatts of solar and five gigawatts of wind capacity by the end of this decade as part of its plans to generate 25 per cent of its energy from renewables.

Masdar has been active in Uzbekistan since 2019, with the development of the nation’s first successfully financed independent power producer solar project, the 100MW Nur Navoi Solar Project, operational since 2021.

At the end of last year, Masdar was also awarded Uzbekistan’s Bukhara Solar PV project, the first of its kind in Central Asia, with a 250MW solar capacity and a 126MWh battery energy storage system.

In June, Masdar was awarded the country’s Guzar Solar PV project with a capacity of 300MW and 75MWh storage capacity.

Meanwhile, the new two-gigawatt wind farm it will develop will produce enough electricity to power around one million homes, while displacing approximately 4 million tonnes of carbon dioxide emissions annually, Masdar said.

“Uzbekistan is a key strategic destination for Masdar. The connection of these great projects demonstrates our long-term commitment to Uzbekistan and our capability to fast-track projects, taking them from inception to implementation,” said Masdar chief executive Mohamed Al Ramahi.