Dutch bank supports IFC’s financing of wind power plant in Uzbekistan

With the support of numerous lenders, including the Dutch Entrepreneurial Development Bank (FMO), IFC has reached an agreement to fund the first wind power plant in Uzbekistan, a 500-megawatt facility in the Navoi region.

With a $42 million loan and the help of the Japanese International Cooperation Agency and the Dutch Entrepreneurial Development Bank, IFC is one of the project’s anchor lenders. The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), Natixis, and the First Abu Dhabi Bank (FAB) will also make additional parallel loans.

Abu Dhabi Future Energy Company (Masdar), a long-time client of the International Finance Corporation (IFC), is building the Zarafshon wind power facility in the United Arab Emirates. Shamol Zarafshan Energy Foreign Enterprise, a special purpose business created by Masdar, will get $94 million in funding from IFC as part of a larger package.

The project is expected to be among the largest wind farms in Central Asia, with a capacity of 500 MW. Once operational, it is estimated to power 500,000 homes while averting the discharge of more than 1 million tons of carbon dioxide each year.

Globally, the installed capacity of wind power is over 743 gigawatts, making it one of the fastest growing and most cost-effective sources of new power generation. Uzbekistan plans to increase its wind power capacity by 3 GW by 2026, and the Zarafshon wind farm will play a crucial role in this effort.

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