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Masdar Signs Government Support and Energy Purchase Agreements with Uzbek Government

2019-11-08T14:42:39.069Z

Abu Dhabi Future Energy Company (Masdar), one of the world's leading renewable energy companies, today signed an energy purchase agreement and a government support agreement with the Government of the Republic of Uzbekistan for the design, financing, construction and operation of the first public-private solar power project.



Masdar, one of the world's leading renewable energy companies, today signed an energy purchase agreement and a government support agreement with the Government of the Republic of Uzbekistan to design, finance, build and operate the country's first public and private solar energy project. The signing ceremony of the agreements, which took place today in the Uzbek capital of Tashkent, was attended by the Minister of Investment and Foreign Trade of Uzbekistan Sardor Omurzakov; Levels from Uzbekistan and the UAE included Saeed Matar Al Qamzi, UAE Ambassador to Uzbekistan; Mohammed Jamil Al Ramahi, CEO of Masdar; and Yousef Al Ali, Acting Executive Director of Masdar Clean Energy.
Last month, the Uzbek Ministry of Investment and Foreign Trade announced that Masdar won the tender for the development of the project after submitting the lowest price for electricity production cost of $ 2.679 cents per kilowatt-hour among the competing offers to develop a solar photovoltaic power plant at the level of utility facilities with a capacity of 100 MW. , Which will be created in the Navoi region. As a business consultancy, IFC assisted the Ministry of Investment and Foreign Trade and the Energy Department in formulating the terms of a public-private tender that attracted more than 40 companies under the "Solar Expansion" program.
“The signing of the Government Support Agreement with Masdar is an advanced step and confirms the continuation of the reforms that began three years ago under the supervision of President Shaukat Mirzayev. We will continue to implement such projects based on transparency and competitiveness standards for access,” said Sardor Omurzakov, Uzbek Minister of Investment and Foreign Trade. To the best and most appropriate solutions and service for the benefit of the country. "
The energy purchase agreement was signed by Dadagon Isakulov, Chairman of the National Electricity Company of Uzbekistan, Mohammed Jamil Al-Ramahi, CEO of Masdar, while Al-Ramahi signed a government support agreement with the Uzbek government along with Sardor Omurzakov, Minister of Investment and Foreign Trade. Uzbek.
Mohammed Jamil Al-Ramahi expressed his delight at signing this agreement, pointing out that it represents an important step towards realizing Uzbekistan's ambitions to diversify energy sources. “Masdar is proud to collaborate with the Government of Uzbekistan to develop this outstanding solar energy project, continuing its leading role in developing commercially viable renewable energy projects and strengthening its portfolio of projects in more than 25 countries,” said Ramahi.
Al-Ramahi noted Masdar's outstanding efforts in supporting emerging markets to develop its renewable energy sectors by attracting investments to help modernize the energy infrastructure and the economy as a whole. He underlined Masdar's interest in harnessing its global knowledge and expertise in supporting the transition to clean energy in Uzbekistan. Masdar will design, finance, construct and operate the power plant for 25 years. Construction is scheduled to start in the second quarter of 2020, with operations commencing in the second quarter of 2021. Masdar, a subsidiary of Mubadala Investment Company in Abu Dhabi, is one of the world's leading renewable energy and investment sectors. Masdar's renewable energy projects have a total production capacity of about 5 GW, while the total investment in these projects is about $ 13.5 billion.

Source: emara

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