The Asian Development Bank (ADB) and Masdar have signed a $30 million financing package to build a 300-megawatt solar power plant and 75-megawatt-hour battery energy storage system in Guzar City, Uzbekistan. The project will increase the country’s renewable energy capacity and help it transition to a low-carbon economy, the ADB said. Construction includes 1.6 kilometers of transmission lines and a 220-kilovolt substation to integrate renewable energy into the national power grid.
The financing breaks down to $12.5 million from ADB, $12.5 million from the Leading Asia’s Private Infrastructure Fund 2, and $5 million from the Canadian Climate and Nature Fund for the Private Sector in Asia. Both funds are administered by ADB. Once operational, the project is expected to boost electricity production by 634 gigawatt-hours annually and offset at least 354,000 tons of carbon dioxide emissions, helping Uzbekistan reach its target of 40 percent renewables in power generation by 2030.
“This project demonstrates ADB’s strong commitment to supporting clean energy transition across Asia and the Pacific, and specifically Uzbekistan’s path toward energy security,” said Kanokpan Lao-Araya, ADB Country Director for Uzbekistan. By combining large-scale solar generation with battery storage, the project will help meet growing electricity demand, improve power reliability, and reduce greenhouse gas emissions.
ADB is providing a partial credit guarantee to Nur Kashkadarya Solar PV Foreign Enterprise LLC—the special purpose vehicle established for the project and wholly owned by Masdar. The guarantee covers a letter of credit of up to $9 million to mitigate risks associated with the power offtaker’s payment obligations.
ADB and Uzbekistan are celebrating 30 years of partnership in 2025. Since joining ADB in 1995, Uzbekistan has received public sector loans, grants, and technical assistance totaling $15.8 billion. Masdar is a global clean energy company headquartered in the United Arab Emirates. At the end of 2025, Masdar’s total generation capacity exceeded 50 gigawatts from renewable energy projects globally, with a goal of reaching 100 gigawatts by 2030. ADB has financed nine Masdar projects, six of which are in Uzbekistan.
