Abu Dhabi Future Energy Company PJSC (Masdar) and its financiers reached financial close to fund a 250-megawatt (MW) solar photovoltaic plant with an integrated 63-MW battery energy storage system (BESS) in the Bukhara region in Uzbekistan.
The financing package of approximately $199 million includes loans from the Asian Development Bank (ADB), Dutch Entrepreneurial Development Bank (FMO), Japan International Cooperation Agency (JICA) and International Finance Corporation (IFC), including concessional facilities.
The project is projected to cut over 327,000 metric tons of CO2 emissions annually by generating more than 585 gigawatt hours of renewable energy per year for approximately 75,000 households.
The project is Central Asia’s first renewable energy project with an integrated BESS component. It is the second large-scale renewables project to be implemented under the country’s PPP law.
Lead partner Milica Zatezalo-Falatar said: “We are delighted that we’ve been able to contribute to this first of its kind project in Central Asia, which hopefully sets a precedent for many more.“
The Clifford Chance multidisciplinary team across the Paris, London, Dubai and Abu Dhabi offices includes Milica Zatezalo-Falatar, partner, Elena Prudon, Violaine Lecoq Burgelin and Manon Guéry, associates, and Ilona Métais, on the project and financing aspects; Fabien Jacquemard, senior counsel, on the hedging aspects; Sandy Hall, partner, and Jonathan Forrest, senior associate, on the construction aspects; Bruce Kahl, partner, and Struan Murray, senior associate, on the agency aspects ; as well as Nicola Reader, partner, and Salma Mowlid, associate, on the ADGM and UAE law aspects.
