World Bank backs clean energy in Uzbekistan with $380m

Posted at July 1, 2021 » By : » Categories : News » Comments Off on World Bank backs clean energy in Uzbekistan with $380m

A new $380 million (£274m) project which is designed to enhance the grid performance in Uzbekistan has been approved by the World Bank.

The scheme aims to support the integration of approximately 1GW of renewable energy into the country’s grid.

The government of Uzbekistan will receive the financing at very low interest rates and a long repayment period, of up to 40 years, the World Bank said.

Uzbekistan’s Minister of Energy Alisher Sultanov said: “This latest financing will help us reach our goal of 25% of energy consumption deriving from renewable sources by 2030.

“It will also be a key component of Uzbekistan’s ambitious, wider strategy to develop environmentally friendly renewable sources of energy to meet our growing electricity demand.”

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