The provision of an equity bridge loan of US$60 million to finance the construction and operation of a pilot solar auction project of 100 MW installed capacity located in Navoi region of Uzbekistan.
Nur Navoi is among first solar projects in Uzbekistan which will pave the way for a pipeline of renewable projects in the country. It will contribute to climate mitigation by adding 100 MW of solar generation capacity to the national energy system and will assist the country in low-carbon transition, reducing its current high reliance on thermal power generation.
ETI score: 86
The expected transition impact of the Project is twofold:
- Competetive: The Uzbek power sector currently has no private sector participation, and the Project will be one of the first two privately owned power projects in Uzbekistan and will introduce a new international power sector sponsor to the country. The successful implementation of the Project would set an example for further private sector participation.
- Green: The Project will introduce 100 MW of solar generation capacity in the Uzbek power system which will come in line with the Bank's Green Economy Transition approach (GET).
NUR NAVOI SOLAR HOLDING RSC LTD
The Borrower is an UAE holding company fully owned by Masdar. The Borrower will hold majority ownership in an Uzbek Project SPV responsible for the project construction and operation.
Loan guarantor: Abu Dhabi Future Energy Company PJSC - Masdar (Masdar), a global leader in renewable energy and sustainable urban development. It was established in 2006 as a strategic government initiative to invest, incubate and establish new energy industry in Abu Dhabi and around the world. Masdar is fully owned by Mubadala Investment Company, an investment company established and fully owned by the government of Abu Dhabi.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Category B (ESP 2014). Construction of 100 MW solar PV plant is not associated with significant adverse environmental and social impacts. Biodiversity and livelihood impacts are low due to site location and absence of physical displacement. ESDD has confirmed that the Project is compliant with the host country's EHS legislation and can be structured to meet the Bank's Performance Requirements (PRs) through employment of good E&S management practices, implementation of the ESAP and monitoring.
The ESDD was undertaken by an independent international Consultant engaged by the Sponsor, following the requirements of the international Lenders and in line with EBRD ESP 2014 and IFC E&S Performance Standards. ESDD included site reconnaissance, baseline data collection and analysis, technical review of the Project and development of the EIA package. Additionally, Environmental and Social Management and Monitoring Plan (ESMMP) will be developed to meet condition precedent to disbursement.
The ESDD has confirmed that the Project is compliant with the host country's EHS legislation and can be structured to meet the Bank's Performance Requirements (PRs) through employment of good E&S management practices, implementation of the ESAP and monitoring. Potential environmental or social impacts of the Project are associated mainly with the construction activities and the contractor's labour, health and safety and social standards. Biodiversity impacts were also assessed to be low due to location and short duration of the construction impacts on potentially sensitive receptors. Economic displacement and livelihood restoration of herders will be compensated in line with IFC and EBRD requirements through agreed settlements hence PR 5 has not been triggered. A livelihood restoration framework will be implemented during Project design and is included as part of the ESAP.
A number of the environmental and social management requirements were included in the ESAP, inter alia: development of the Project-specific E&S Management System and overarching construction E&S Management Plan, covering contractor and supply chain; implementation of temporary workers' accommodation, safety, security and social provisions; waste management and efficient water use; additional biodiversity surveys and development of the Biodiversity Management Plan; stakeholder engagement and grievance mechanism.
The ESAP has been agreed with the Client and its implementation and overall E&S performance will be monitored by the Bank via Annual Environmental and Social Reports. ESIA for the project as well as Stakeholder Engagement Plan (SEP) and Non-Technical Summary (NTS) were developed and disclosed on the Client's web site.
Company Contact Information
Dr. Mohamed Asaad Taher
+971 2 653 3333
+971 2 653 0002
PO Box 54115, Abu Dhabi, UAE
PSD last updated
27 Oct 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Independent Project Accountability Mechanism (IPAM)
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