Uzbekistan signed agreements with the IFC and the EBRD in the field of renewable energy

In order to accelerate the implementation of renewable energy projects, the government of Uzbekistan signed new cooperation agreements with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

In 2020, the government of the country set a goal to achieve in 10 years - by 2030 - the capacity of  photovoltaic power plants up to 5 GW and wind power plants (WPP) - up to 3 GW. These goals were enshrined in the concept for the development of the electric power industry for 2020-2030 developed in 2020 by the Ministry of Energy of Uzbekistan.

 In 2021, based on an analysis of the proposals that were submitted during the tender for renewable energy projects, including tariff proposals that are beneficial for the population and the economy of the country, the President of the Republic of Uzbekistan instructed to increase the capacity of solar and wind power plants to 4 GW each ( with a total capacity of 8 GW) by 2026.

To achieve these goals, it was decided to expand cooperation with the International Finance Corporation and the European Bank for Reconstruction and Development in the framework of obtaining consulting services during the competitive selection of investors for SPP and WPP construction projects by an additional 1 GW with each institution.

It should be noted that similar agreements with the IFC and the EBRD were previously signed in 2018 and 2019.