Uzbekistan Wind Guarantee



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

08 Feb 2023


Passed Structure Review, Pending Final Review

PSD disclosed:

18 May 2022

Project Description

The EBRD is considering providing guarantees of up to US$ 24 million (the guarantee) to support the obligations of JSC National Electric Grid of Uzbekistan (NEGU or the off-taker) acting as an off-taker under power purchase agreements for wind power projects in Uzbekistan.

The first tranche of the guarantee in the amount of up to US$ 8 mm (tranche 1) will be provided to support the obligations of the off-taker for the pilot 100MW Karakalpakstan Wind Power Plant project awarded as a result of the competitive tender. The second tranche (tranche 2) in the amount of up to US$ 16 million is expected to cover the off-taker's obligations under the second wind tender for 200MW. 

Project Objectives

The goal is to provide an additional liquidity support for private investors entering the nascent renewables sector of Uzbekistan and help roll-out up to 2GW wind auctions in the country.

Transition Impact

ETI score: 70

The Project will contribute to the Competitive quality as this innovative liquidity support structure will help attract stronger interest from international wind developers to the yet nascent renewables sector in Uzbekistan and will support competitively selected renewables. The Project will also contribute to the Green quality as wind power projects to be developed under this liquidity support mechanism will contribute to the avoidance of CO2 emissions, supporting the economic development of Uzbekistan along the low carbon pathway.

Client Information


EBRD Finance Summary

USD 24,000,000.00

Total Project Cost

USD 24,000,000.00


The Bank offers an innovative financing structure on terms not available currently in the local market. The Bank provides comfort to investors by mitigating the off-taker's non-payment risks. The Project will involve technical cooperation aimed at policy dialogue on enhancing the creditworthiness of NEGU with the goal of making the company financially sustainable in the long-run.

Environmental and Social Summary

Categorized B (ESP 2019) and Low Risk, as the Bank is not financing wind projects itself and this is a guarantee to the electricity off-taker associated with limited E&S impacts. NEGU is an existing Bank's client and was subject to a comprehensive corporate ESDD in 2018 and 2019, which has confirmed NEGU's compliance with National E&S legislation and availability of the institutional capacity to perform projects in line with ESP PRs. In-house desktop-based ESDD is being undertaken for the current project and will comprise a top level review of the current E&S regulatory compliance, namely in regards to E&S management systems, labour and safety of the employee and stakeholders engagement, and progress in implementing corporate Environmental and Social Action Plan (ESAP), agreed for the previous projects. PSD will be updated upon completion of the ESDD. 

As part of the institutional capacity strengthening the Bank will aim to set criteria for wind farm development, inclusive of appropriate avifauna assessment in line with best practices, which sponsors will be required to apply to its suppliers. Assessment and management of any potential environmental and social risks associated with electricity offtake shall be performed by sponsors in accordance with the EBRD's Environmental and Social Policy.

Technical Cooperation and Grant Financing

Technical Cooperation funds may be sought to support Project preparation and implementation.

Company Contact Information

Akmal Abbasov
+998 71 208 56 61

PSD last updated

18 May 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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