The European Bank for Reconstruction and Development (EBRD) and the European Union jointly invest $61.6 million in a 126 MW solar project in Uzbekistan. The plant will be developed by a special-purpose company wholly owned by French developer Voltalia.
EBRD & EU Support Uzbekistan's Transition to Clean Energy
The European Bank for Reconstruction and Development (EBRD) is assisting Uzbekistan in reducing its dependence on carbon-heavy thermal power generation, supporting the country's shift toward a low-carbon economy. The EBRD will provide up to US$ 54.6 million (€50.5 million) in funding to Sarimay Solar—a special-purpose company wholly owned by Voltalia, a French energy producer and service provider. The financial package includes a senior loan of up to US$ 44.8 million (€41.5 million) and an additional €9 million to support the project's construction phase.
Furthermore, the project will receive an unfunded guarantee for a senior loan tranche of US$ 7 million (€6.5 million) from the European Union’s European Fund for Sustainable Development Plus, aimed at accelerating the adoption of underutilized climate change mitigation technologies in EBRD’s partner countries outside the EU.
This financing will enable Sarimay Solar to develop a 100 MWac (126 MWdc) solar project in Uzbekistan’s Khorezm region, contributing to the country’s goal of reaching 25 GW of solar and wind capacity by 2030.
Solar Project Will Power Around 60,000 Homes
The Sarimay solar project currently being built in the Khorezm region of northwestern Uzbekistan is expected to begin operations in the second half of 2025. This 126-megawatt solar project will be governed by a 25-year power purchase agreement secured by Voltalia through a tender managed by the International Finance Corporation.
Once operational, the plant will generate enough electricity to power around 60,000 homes contributing to Uzbekistan's energy transition by preventing 141,000 tonnes of CO2 emissions annually.
“Voltalia is proud to announce the financing agreement for the Sarimay Solar plant in Uzbekistan. I extend my sincere thanks to our long-term partner, the European Bank for Reconstruction and Development (EBRD), for their support in reaching this important milestone. Alongside the Sarimay Solar project, Voltalia is also engaged in several other renewable energy and battery projects in Uzbekistan. These initiatives reflect our dedication to fostering sustainable development and providing clean energy solutions across the country,” said Sébastien Clerc, CEO of Voltalia.
Voltalia: A Global Leader in Renewable Energy
Voltalia is a global leader in renewable energy, specializing in the production and sale of electricity from wind, solar, hydro, biomass and storage facilities. The company currently operates and has under construction a total capacity of 3.1 GW with a development portfolio of 17.2 GW.
In addition to its energy production activities, Voltalia provides services throughout the entire project lifecycle from design to operation and maintenance, helping renewable energy customers at every stage. As a pioneer in the business market, the company offers a full range of solutions, including green electricity supply, energy efficiency services, and local electricity production. With over 2,000 employees across 20 countries and three continents, Voltalia is well-positioned to serve its customers on a global scale.