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IFC to support private sector investment in Uzbekistan’s renewable energy space

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IFC has agreed to support Uzbekistan in the development of renewable energy through public-private partnership.

As transaction advisor, IFC will advise the government and the state-owned national power utility, Uzbekenergo on structuring a PPP to mobilize private sector experience and capital to construct and operate a 100MW solar plant. That will be the first phase of a larger initiative to generate up to 1GW of new solar energy.

Uzbekistan’s Deputy Prime Minister Sukhrob Kholmuradov said: “Developing renewable energy in Uzbekistan is crucial to diversify our power supply.

“The joint work of IFC, the State Investment Committee and Uzbekenergo could bring up to $1bn in private investment to develop solar photovoltaic plants that will not only improve the supply, but also create a transparent mechanism to attract more private sector investment, which could be successfully replicated in other energy spheres.”

Despite having significant solar resources, Uzbekistan is highly dependent on natural gas for electricity generation. The government aims to develop the renewable energy sector to diversify the country’s energy mix and attract private investment in the sector.

IFC Latin America and the Caribbean, Europe, and Central Asia vice president Georgina Baker said: “The agreement demonstrates the strong partnership between IFC and Uzbekistan.

“We are committed to creating markets and crowding-in private investment to help unlock and scale up renewable energy in Uzbekistan, and provide clean, reliable energy to its citizens.”

Globally, over the past decade, IFC has invested $18.3bn of its own funds in long-term financing for climate-smart projects and mobilized an additional $11bn from other investors.

Through these investments, IFC has developed expertise in key climate markets including solar, hydropower, wind, energy storage, green buildings, and waste-to-energy.

Source: Company Press Release