The European Bank for Reconstruction and Development (EBRD) and the European Union are jointly investing $61.6 million in a 126 MW solar project in Uzbekistan. The plant will be developed by a special-purpose company wholly owned by French developer Voltalia.
EBRD & EU Support Uzbekistan’s Transition to Clean Energy
To help Uzbekistan reduce its dependence on carbon-heavy thermal power, the European Bank for Reconstruction and Development (EBRD) is providing up to US$ 54.6 million (€50.5 million) to Sarimay Solar, a special-purpose company owned by French energy provider Voltalia. The financial package from the EBRD in Uzbekistan includes a senior loan of up to US$ 44.8 million (€41.5 million) and an additional €9 million for the construction phase.
The project will also receive a US$ 7 million (€6.5 million) loan guarantee from the European Union’s European Fund for Sustainable Development Plus. This fund helps accelerate climate change mitigation technologies in the EBRD’s partner countries outside the EU.
This financing enables Sarimay Solar to build a 100 MWac (126 MWdc) solar project in Uzbekistan’s Khorezm region. The development is a key step toward helping the country meet its goal of 25 GW of renewable capacity by 2030.
Solar Project Will Power Around 60,000 Homes
The Sarimay solar project, now under construction in the Khorezm region of northwestern Uzbekistan, is expected to begin operations in the second half of 2025. For this 126-megawatt solar project, Voltalia secured a 25-year power purchase agreement through a tender managed by the International Finance Corporation.
Once operational, the plant will generate enough electricity to power around 60,000 homes, preventing 141,000 tonnes of CO2 emissions annually and contributing to Uzbekistan’s energy transition.
“Voltalia is proud to announce the financing agreement for the Sarimay Solar plant in Uzbekistan. I extend my sincere thanks to our long-term partner, the European Bank for Reconstruction and Development (EBRD), for their support in reaching this important milestone. Alongside the Sarimay Solar project, Voltalia is also engaged in several other renewable energy and battery projects in Uzbekistan. These initiatives reflect our dedication to fostering sustainable development and providing clean energy solutions across the country,” said Sébastien Clerc, CEO of Voltalia.
Voltalia: A Global Leader in Renewable Energy
Voltalia is a global leader in renewable energy, specializing in producing and selling electricity from wind, solar, hydro, biomass, and storage facilities. The company currently has 3.1 GW of capacity in operation or under construction and a development portfolio of 17.2 GW.
Beyond its energy production activities, Voltalia provides services throughout the project lifecycle—from design to operation and maintenance—for its renewable energy customers. A pioneer in the business market, the company offers a full range of solutions, including green electricity supply, energy efficiency services, and local electricity production. With more than 2,000 employees in 20 countries across three continents, Voltalia serves its customers on a global scale.
