Foreign Investors Flocking to Uzbekistan Renewable Energy Projects

Foreign Investors Flocking to Uzbekistan Renewable Energy Projects

PR Newswire

TASHKENT, Uzbekistan, March 17, 2020

Ministry of Energy updates on wide array of tenders, investment, and international collaboration

TASHKENT, Uzbekistan, March 17, 2020 /PRNewswire/ – The Ministry of Energy of Uzbekistan is pleased to share an update on progress towards the country's ambitious aim of generating a quarter of all electricity from renewable sources, by 2030.

This update reflects Uzbekistan's commitment to international best practice and transparency, the country's growing role in the regional and global energy market, and its strategy for energy efficiency and sustainability.

The Ministry of Energy is taking active measures to implement large-scale projects in renewable energy and the last twelve months has seen a variety of committed FDI from international companies, tenders and collaborations with international partners.

Highlights include:

-  FDI investors currently being selected by Ministry of Energy to implement these projects

-  Assistance being provided by international institutions: World Bank, Asian Development Bank (ADB") and European Bank for Reconstruction and Development ("EBRD")

-  ACWA Power (Saudi Arabia) – three agreements worth over US$2 billion to construct a 500-1,000 MW wind power plant and a 1,500 MW Combined Cycle Gas Turbine Power Plant

-  Masdar (UAE) – construction of a 500 MW wind power plant in the Navoiy Region

-  TOTAL Eren (France) – construction of a 100 MW solar power station in the Samarkand region

-  Tender for a project in Karakalpakstan to be announced soon

-  First pilot project, in February 2020, to construct 200 MW solar power plant in the Surkhandarya region

-  54 companies submitted applications for the tender, including international companies tendering for the first time

-  Attended by global array of companies. Process won by Masdar (UAE)

-  Construction of solar power plants on a PPP basis, led by the Ministry of Energy with assistance of the International Finance Corporation

Mr. Alisher Sultanov, Minister of Energy of Uzbekistan, said:

"Our significant energy ambitions and strategic plan to 2030 are being matched by our current activities. The material contribution of renewable energy to our country's overall energy mix, and its efficiency, is a crucial part of our strategy. We are collaborating with blue-chip international institutions and welcoming an array of international companies who are excited to be investing in Uzbekistan.

"We are working tirelessly for our country's energy security and will keep audiences regularly updated on all our activities and momentum."

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