Financing secured for a 126-megawatt solar project in Uzbekistan

Financing secured for a 126-megawatt solar project in Uzbekistan

Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energies, signed the financial documentation with the European Bank for Reconstruction and Development (EBRD) for the funding of the Sarimay Solar plant in Uzbekistan

The ceremony, held today in London, brought together representatives from the EBRD and Voltalia. The EBRD’s financial package of up to US$ 54.6 million will consist of a senior loan of up to US$ 44.8 million and a special VAT facility of €9 million (US$ 9.8 million), which will support Sarimay Solar during the construction phase of the project.

The project will also benefit from an unfunded guarantee covering a senior loan tranche of US$ 7 million provided by the European Union’s European Fund for Sustainable Development Plus.

The 126-megawatt solar project, currently under construction¹, is scheduled for commissioning in the second half of 2025. Awarded in 2022, the project benefits from a 25-year power sales contract.

The plant will generate renewable energy representing the power consumption of approximately 60,000 residents. It will also support Uzbekistan's energy transition goals by avoiding 141,000 tonnes of CO₂ emissions annually.

"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,” stated Sébastien Clerc, CEO of Voltalia.

To reach this key milestone for the Sarimay Solar project, Voltalia was advised by Herbert Smith Freehills for documents governed by English or French law and by Kosta Legal for the documentation under local law, while EBRD was advised by Trinity and Centil respectively.

Voltalia was also supported by Cranmore Partners as its exclusive financial advisor for the structuring and negotiation of the financing.

Next meeting: Q4 2024 turnover, January 29, 2025 (after close of trading)

1 May 15, 2024 press release.

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• Financing secured for a 126-megawatt solar project in Uzbekistan