Under IRENA's ETAF, Masdar and AIIB Reach Financial Close on 3 Uzbek Solar Projects
With a combined capacity of 900 MW, the projects represent the largest solar development in Central Asia
Abu Dhabi, United Arab Emirates, 7 April 2023 – Under the International Renewable Energy Agency’s (IRENA) Energy Transition Accelerator Financing (ETAF) platform, Masdar and the Asian Infrastructure Investment Bank (AIIB) have agreed to commit capital to three solar projects in Uzbekistan. Construction on the plants, with a combined capacity of about 900 MW – the region’s largest solar development program – will commence over the next few months.
Uzbekistan aims to achieve 7 GW of solar and 5 GW of wind capacity by 2030, with the goal of fulfilling 25% of its electricity demands through renewable energy sources by that time. Upon reaching full capacity, Sherabad, Samarkand and Jizzakh Solar Projects are expected to provide electricity to over a million people and eliminate over a million tonnes of carbon dioxide emissions each year.
“This is an exciting milestone for us,” said IRENA Director General Francesco La Camera. “Witnessing our partners move quickly from announcing their partnership with ETAF at COP27 to action today is a testament to the platform’s potential as a game-changer for the energy transition.”
The ETAF Platform, managed by IRENA, leverages its partners’ proven track record in innovative financial solutions to deliver impact to IRENA’s member countries. The multi-stakeholder climate finance platform targets the deployment of 5 gigawatts of new renewable power in developing countries by 2030.
Within the ETAF structure, IRENA acts as the Secretariat and manages the ETAF platform from project sourcing to financial close. As part of its responsibilities, it undertakes outreach activities, identifying prospective projects and partners. The Secretariat ensures that projects are properly registered and prepared for funding consideration by ETAF partners.
IRENA is calling on project developers to submit their projects on the online registration platform.
To submit a project, visit: https://etafplatform.org/Submit-your-project.