Masdar has announced that it has achieved financial close on the 500MW Zarafshan wind project in Uzbekistan.Alongside the anchor lenders, European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Development Bank (ADB), and Japan International Cooperation Agency (JICA), the Dutch Entrepreneurial Development Bank, FMO, is acting as B lender, while Etihad Credit Insurance, Natixis and First Abu Dhabi Bank (FAB), are providing credit-insured lending for the project. Masdar entered into bilateral agreements with the Government of Uzbekistan in 2020 to develop, build and operate the Zarafshan wind farm. The project is expected to attract foreign direct investment of more than US$600 million, and is part of Uzbekistan’s effort to meet 25 percent of its electricity needs from renewable sources by the end of the decade. Commercial operation of the wind farm is expected by the end of 2024.
