The European Bank for Reconstruction and Development (EBRD) and the European Union will support the construction of the first solar power station by the French company Voltalia in the Khorezm region, according to a press release from the EBRD.
To implement the project, the EBRD will provide a financial package of €50.5 million ($54.6 million) to Sarimay Solar, a subsidiary of Voltalia. In December 2023, the company planned to receive $34 million from the EBRD. At that time, the estimated cost of the project was $85 million.
The financial package includes a senior loan of €41.5 million ($44.8 million) and a special grant of €9 million ($9.9 million) intended to cover expected VAT payments during construction.
Additionally, the project will receive an unsecured guarantee of €6.5 million ($7 million), covering part of the EBRD's senior loan, through the European Fund for Sustainable Development Plus (EFSD+) of the European Union.
Voltalia won the tender for the construction of a solar power station in Sarimay, Khorezm region, in December 2022. It was later decided to increase the power of the station to 126 MW and to establish a 50 MW storage system for it. The commissioning of the solar power station is scheduled for the second half of 2025.
In May, it was reported that Voltalia could build a 500 MW battery system in the Khorezm region.
Earlier, Spot reported that Voltalia plans to create power stations worth $1 billion in the Bukhara region.