The World Bank has approved $3.5 million in financing for Uzbekistan to support the development of renewable energy through a payment guarantee. This guarantee will secure the obligations of the state-owned National Electric Grid of Uzbekistan JSC to purchase electricity from a new 100-megawatt solar power plant. The plant, which will be constructed and operated by Voltalia from France, is located in the Khorezm region.
Scheduled for commissioning in November 2025, the solar plant will cover 177 hectares and generate over 240 gigawatt-hours of renewable energy annually. It aims to reduce CO₂ emissions by more than 230,000 metric tons each year and provide clean energy for approximately 60,000 households. This initiative supports Uzbekistan's goal to increase clean energy production as part of its transition to a green economy.
Tatiana Proskuryakova, the World Bank Regional Director for Central Asia, stated: “The World Bank Group supports Uzbekistan in meeting its energy needs and expanding renewable energy to reach 25 GW of capacity, covering 40% of the country’s electricity consumption by 2030 as stated in the state program ‘Uzbekistan – 2030.’ We are pleased that the solar plant in the Khorezm region, backed by the Bank’s payment guarantee, will bring new private sector players to diversify the country’s renewable energy sector.”
Sarimay Foreign Enterprise LLC, owned by Voltalia, will implement the project. The company is responsible for developing, financing, constructing, owning, and operating the solar plant. Once operational, Sarimay Foreign Enterprise LLC will sell electricity to NEGU under a 25-year Power Purchase Agreement.
The World Bank's payment guarantee also facilitated an $80 million capital investment mobilization. This includes over $54 million provided by the European Bank for Reconstruction and Development (EBRD) for this project in Khorezm.
Ferhat Esen, World Bank Senior Energy Specialist and Task Team Leader of the Uzbekistan Guarantee Program said: “Since 2020, the World Bank and IFC have supported the development of 1,000 MW of solar and 500 MW of wind energy in Uzbekistan. We have provided payment guarantees, financing, advisory services, and technical assistance while also attracting private sector investments to help the government advance its renewable energy projects.”
World Bank Group-supported projects include various solar plants across regions like Navoi and Samarkand along with wind power initiatives currently under construction.