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Masdar connects Uzbekistan solar projects to grid
Energy company in the midst of major expansion outside UAE
Michael Marray 10 Apr 2024

Abu Dhabi Future Energy Company (Masdar) has connected two solar projects with a combined capacity of 511 megawatts to the grid in Uzbekistan.

The Samarkand and Jizzakh solar power plants use more than 11,000 single-row trackers supplied by TrinaTracker, a solar tracker manufacturing subsidiary of China-based Trina Solar. In May 2023, Masdar and Uzbekistan signed an agreement to develop 2 gigawatts of renewable energy projects.

Masdar is in the midst of a major expansion outside of its own home region. In mid-March, the firm reached financial close on its 49% shareholding in the 476 MW Baltic Eagle wind farm in the Baltic Sea off the coast of Germany.

The €488 million (US$529.83 million) lending package is Masdar’s largest-ever euro-denominated financing, as well as its first project with Iberdrola and its first in Germany.

Loan participants included ABN AMRO, Crédit Agricole CIB, ING, Santander, and Siemens Bank. Santander also acted as financial adviser on the deal.

The Baltic Eagle wind farm, with a total capex of is €1.6 billion, is scheduled to come into operation by the end of 2024. It will have a minimum regulated tariff of €164.6 per megawatt-hour for the first 20 years. Already, 100% of its production has been sold via long-term contracts.

Masdar and Iberdrola signed a strategic agreement in July 2023 to co-invest in Baltic Eagle. At COP28, the two companies announced a further €15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, the United Kingdom and the United States.

Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, supporting the target set in The UAE Consensus to triple global renewables capacity by the end of this decade.

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