World Bank approves $3.5 million guarantee for solar power plant in Khorezm region

The World Bank has approved a $3.5 million guarantee to support the construction of a 100 MW solar power plant in Uzbekistan's Khorezm region. The project, expected to be operational by November 2025, will annually generate over 240 gigawatt-hours of renewable energy, significantly contributing to the country's green energy goals.

Spanning 177 hectares, the solar power plant is projected to reduce carbon dioxide emissions by over 230,000 tons per year. It is also set to provide clean energy to approximately 60,000 households, underscoring Uzbekistan’s commitment to transitioning toward a sustainable, green economy.

The facility will be developed, financed, constructed, and operated by Sarimay Foreign Enterprise LLC, a subsidiary of the French energy company Voltalia. Under a 25-year power purchase agreement, the energy produced will be sold to the state-owned National Electric Grids of Uzbekistan (NEGU).

The World Bank’s guarantee ensures NEGU’s payment obligations for electricity procurement from the plant, thereby attracting significant private investment. The project has secured additional funding of $80 million, including over $54 million from the European Bank for Reconstruction and Development (EBRD).

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