Skip to content Skip to Search
Skip navigation

Masdar achieves financial close on Uzbekistan’s $600m wind farm

Creative Commons
Masdar said the new office in Saudi Arabia will look over its existing assets and play a key role in developing future pipeline projects

Abu Dhabi Future Energy Company (Masdar) has achieved financial close on the 500-megawatt (MW) Zarafshan wind project in Uzbekistan, WAM, the UAE state news agency, reported.

Uzbekistan aims to derive 25 percent of its energy from renewable sources by 2026, said Uzbekistan’s deputy minister of investments and foreign trade Shukhrat Vafaev.

European Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank and Japan International Cooperation Agency are anchor lenders for Uzbekistan’s first utility-scale wind farm.

In 2020, Masdar entered into bilateral agreements with Uzbekistan to develop, build and operate the Zarafshan wind farm, the largest renewables project in Central Asia.

The news agency reported that the project is expected to attract foreign direct investment of more than $600 million.

Last month, Masdar signed an agreement with Tanzania Electric Supply Company Ltd. to develop renewable energy projects with a total capacity of up to two gigawatts.

The two companies are jointly targeting the development of renewable energy projects with a capacity of about 600 MW, starting with solar photovoltaic and onshore wind.

Latest articles

An investor at the Dubai International Financial Market. The share prices of four of the 20 Gulf companies that listed since early 2023 have at least doubled

Stock prices of Gulf companies surge after IPOs

Most Gulf companies that completed initial public offerings (IPOs) recently have seen their market capitalisation soar, with issuers pricing flotations adroitly to bolster investor demand for their stocks after listing. From the start of 2023 there have been 20 Gulf IPOs that raised at least $100 million. Combined, these sold $11.2 billion of shares. As […]

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]