Sarimay Solar PV Plant (126MW)

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This project involves the construction of a 100 MW solar photovoltaic (PV) power plant in the Khorezm region of Uzbekistan, approximately 200 km from the city of Urgench. The project is sponsored by Voltalia, which will finance, develop, construct, operate, and maintain the plant over a 25-year period. Under a Power Purchase Agreement (PPA), the electricity generated will be sold to JSC National Electricity Grid of Uzbekistan. The solar plant is expected to generate renewable energy sufficient to meet the power needs of approximately 60,000 residents. Additionally, it will support Uzbekistan's energy transition goals by avoiding the emission of 141,000 tonnes of CO2 annually. Voltalia was selected as the winning bidder for the project in January 2023 after offering the lowest electricity price of $28.88/MWh. The European Bank for Reconstruction and Development (EBRD) provided $54.6 million in financing for the project, which also benefits from an unfunded guarantee covering a senior loan tranche of $7 million, secured through the European Union’s European Fund for Sustainable Development Plus. The project company of the initiative is Sarimay Solar FE LLC. Financial close was achieved on October 31, 2024. https://voltalia.gcs-web.com/news-releases/news-release-details/financing-secured-126-megawatt-solar-project-uzbekistan; https://www.ebrd.com/news/2023/ebrd-and-eu-support-voltalias-first-project-in-uzbekistan.html; https://www.ebrd.com/work-with-us/projects/psd/54484.html; https://sarimaysolar.com/sarimay-project/ https://voltalia.gcs-web.com/news-releases/news-release-details/financing-secured-126-megawatt-solar-project-uzbekistan; https://www.ebrd.com/news/2023/ebrd-and-eu-support-voltalias-first-project-in-uzbekistan.html; https://www.ebrd.com/work-with-us/projects/psd/54484.html; https://sarimaysolar.com/sarimay-project/