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    Reference: 20210033
    Release date: 11 November 2022

    Promoter – Financial Intermediary




    The construction and operation of three independent solar photovoltaic plants (PV) totaling c. 897 MWac, located in Uzbekistan. Two of these projects are developed under the World Bank Group's Scaling Solar program and are located in the Jizzakh and the Samarkand region. The third project is developed under the ADB Uzbekistan Solar Program and located in the Surkhandarya region (Sherabad district).

    Additionality and Impact

    The project produces electricity from low carbon sources (solar PV) and addresses negative climate and environmental externalities, a market failure, through the reduction of carbon and air pollution. The project is in line with the EU objectives set out in the updated EU strategy on Central Asia (2019) and the EU-Uzbekistan comprehensive agreement (2019), and it contributes to Uzbekistan's "NDCs" under the Paris Agreement. The financing of this project is in line with the Bank's lending priority objectives on renewable energy and climate action, and will contribute to reduce the growing electricity supply gap in Uzbekistan using renewable energy resources. The project will solely rely on revenues from a fixed tariff which was set through a competitive tender procedure. The project is expected to be supported by adequate capabilities of the promoter, which has track record in the renewable energy sector in Uzbekistan. In terms of results, the project is expected to have an excellent economic return, considering the economic value of the electricity generated. Therefore, the project is expected to generate a social benefit.

    The Bank's proposal consists of a project financing structure, tailored to the expected cash flows to be generated, therefore providing significant added value to the project, together with other International Finance Institutions.


    The development of solar energy will support national targets for renewable energy generation. The project is technically and economically sound and will make a strong contribution to the achievement of the Bank's objectives in terms of Climate Action finance outside the EU, by extending EIB financing to three utility-scale PV plants in Uzbekistan, a sector that will require significant additional external funding over the next years. The financing of this operation is in line with the Bank's lending priority objectives on Energy (Renewable Energy) as well as the transversal objectives on Climate Action (mitigation), and Environmental Sustainability (Pollution Prevention Control). The project is also aligned with the EIB's lending policy by contributing to Uzbekistan's Nationally Determined Contributions (NDCs) to Achieve Net-Zero Emissions and Climate-Resilient Development under the Paris Agreement.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    USD 150 million (EUR 140 million)

    Total cost (Approximate amount)

    USD 650 million (EUR 607 million)

    Environmental aspects

    If the plants were located within the EU, they would fall under Annex II of the Environmental Impact Assessment (EIA) Directive, requiring the competent authorities to determine whether an EIA is required. The transmission lines for Jizzakh and Samarkand would fall under Annex I and be subject to an EIA. It is likely that the plants will undergo EIA processes under the national legislation. In any case, the project will be required to comply with the EIB Environmental and Social Standards.


    The project falls under section 3.4.3 of the Bank's Guide to Procurement (GtP) for concession operations. Compliance with the Bank's GtP will be assessed during appraisal.


    Signed - 3/04/2023

    Under appraisal
    15 February 2023
    3 April 2023


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Uzbekistan Energy