- Total Eren has secured financial support worth €87.4 million for 100 MW AC solar project in Uzbekistan
- EIB has approved a loan of €43.7 million, and both EBRD and Proparco have agreed for around €21.8 million each
- Project will be built by METKA EGN and supply power generated to the National Electric Networks of Uzbekistan for 25 years
French energy behemoth Total’s renewable energy platform Total Eren has raised from European lenders €87.4 million ($106 million) for its 1st renewable energy project in Uzbekistan, a 131.3 MW DC/100 MW AC solar facility near Samarkand. The money comes from the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and French government’s Development Finance Institution Proparco.
The EIB has shelled out a loan of €43.7 million ($53 million) to support the project, while the EBRD and Proparco have agreed to provide a loan of around €21.8 million ($26.5 million) each. Loans will be provided to a special purpose vehicle (SPV), Tutly Solar LLC that will construct and commission the 100 MW solar project.
Project partners term the facility as one of the 1st private-sector renewable energy projects in the country and will establish Total Eren as one of the 1st independent power producers (IPP) in Uzbekistan. The company secured the Tutly Solar Project as the country’s 1st commercial project in alternative energy in September 2019 (see Total Eren To Build 100 MW PV Plant In Uzbekistan).
The project is currently under construction and scheduled to come online at the end of 2021. It will supply 270 GWh clean energy expected to be generated annually from the project to the National Electric Networks of Uzbekistan under a 25-year old power purchase agreement (PPA). Total Eren has hired METKA EGN as the EPC contractor.
According to Total Eren, the Tutly Solar Project will contribute to the country’s electricity mix diversification as Uzbekistan currently is dependent majorly on coal and gas fired power plants to generate power.
“We are eager to commission the Tutly solar farm and to develop other renewable energy projects in Uzbekistan and in the region,” said EVP and CFO of Total Eren, Laurence Juin.
Uzbekistan aims to have over 11 GW renewable energy capacity by 2030 under a national plan, comprising 5 GW solar, 3 GW wind and 3.8 GW hydropower (see Uzbekistan Confirms 5 GW Solar Target By 2030).
