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UAE's Masdar to develop 440 MW solar projects in Uzbekistan

Highlights

Masdar has the country's first solar PPP project

Plans to expand 500 MW wind farm to up to 1.5 GW

It won a 457 MW solar PV project in May

The UAE's clean energy firm Masdar, owned by sovereign wealth fund Mubadala Investment Co., plans to develop 440 MW of photovoltaic solar projects in Uzbekistan as it expands its international footprint.

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Abu Dhabi-based Masdar will develop two power plants on a public-private partnership basis, building on its presence in Uzbekistan, where it has the country's first 100 MW PPP solar project, the company said in a statement July 13.

Masdar, which also won a tender in May to develop a 457 MW solar PV project in Uzbekistan, has also agreed to expand a 500 MW wind farm to up to 1.5 GW.

"The Ministry of Energy has been working closely with the IFC [International Finance Corp.] to help Uzbekistan reach its goal of 25% of energy consumption deriving from renewable sources by 2030," Uzbekistan's Minister of Energy Alisher Sultanov said in the statement. "These projects are key components in our ambitious strategy to develop environmentally friendly renewable sources of energy to meet our growing electricity demand."

Doubling capacity

Masdar, owned by Mubadala which manages $243 billion in assets, has renewables projects capable of generating more than 11 GW in more than 30 countries, with a total value of $20 billion.

Masdar plans to double its renewable energy capacity from the current 11 GW in two to three years through global expansion, Fawaz al-Muharrami, acting executive director of clean energy at Masdar, told S&P Global Platts on April 26.