Voltalia has signed a financing agreement with the European Bank for Reconstruction and Development (EBRD) for the 126 MW Sarimay solar power plant in Uzbekistan. This financing package, totaling up to US$54.6 million, includes a senior loan of up to US$44.8 million and a special VAT facility of €9 million (US$9.8 million), aimed at supporting the construction phase of the project.
Financing Details
In addition to the EBRD’s funding, the Sarimay solar project will benefit from an unfunded guarantee covering a US$7 million senior loan tranche provided by the European Fund for Sustainable Development Plus. The solar plant is scheduled to be commissioned in the second half of 2025, and it has been awarded a 25-year Power Purchase Agreement (PPA).
Commitment to Renewable Energy
Voltalia’s CEO, Sébastien Clerc, expressed pride in securing the financing agreement for the Sarimay Solar power plant. “I sincerely thank our long-standing partner, the EBRD, for its support in achieving this milestone,” he stated. He also noted that Voltalia is actively involved in several other renewable energy and battery storage projects in Uzbekistan, reflecting the company’s commitment to sustainability and green energy solutions across the region.
Advisory Support
To reach this key milestone, Voltalia was advised by Herbert Smith Freehills for documents governed by English or French law and by Kosta Legal for local law documentation. The EBRD was advised by Trinity and Centil, respectively. Additionally, Voltalia received support from Cranmore Partners as the exclusive financial advisor for the structuring and negotiation of the financing.
Conclusion
The Sarimay solar power plant represents a significant advancement in Uzbekistan’s renewable energy landscape. With strong financial backing from the EBRD and a commitment to sustainability, Voltalia is poised to contribute to the region’s clean energy goals and economic development.
Sources
- Voltalia Official Website
- European Bank for Reconstruction and Development
- European Fund for Sustainable Development Plus
