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13/July/2021   Investments

Uzbekistan, UAE sign Investment Agreements worth $300 million


TASHKENT, July 13. /“Dunyo” IA/. The signing ceremony of investment agreements with UAE’s Masdar, which is investing up to $300 million in the construction of two photovoltaic power plants with a capacity of 220 MW each in Samarkand and Jizzakh regions based on a public-private partnership, was held in Tashkent, reports “Dunyo” IA correspondent.

According to Uzbekistan MIFT, the signing ceremony was attended by the Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov and CEO of Masdar Mohamed Jameel Al Ramahi, as well as the UAE Ambassador to Uzbekistan Saeed Matar Al Qemzi.

Masdar will design, finance and construct power plants that will operate for over 25 years. The start of construction work is scheduled for the end of 2021, and the commissioning of the power plants is scheduled for 2023.

The program is one of the key components of the strategy of the Government of Uzbekistan to introduce renewable energy sources and bring their share in the total generated capacity to 25% by 2030.

Relevant agreements were signed on the purchase of electricity between Masdar and JSC National Electric Grids of Uzbekistan, by which the Uzbek side will carry out a guaranteed purchase of electricity from Emirati partners for 25 years.

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