Project to support 1,500 MW of new renewable energy, more private investment into renewables and wider decarbonization
The Ministry of Energy is pleased to announce that a new $380 million project to enhance the performance of the National Electric Grids of Uzbekistan (NEGU) has been approved by the World Bank’s Board of Executive Directors.
The Electricity Sector Transformation And Resilient Transmission Project will ensure reliable energy supplies to millions of households and businesses across Uzbekistan. It is supported by $380 million in credit from the International Development Association (part of the World Bank Group), and a $43 million loan from the Green Climate Fund (GCF) under the Sustainable Renewables Risk Mitigation Initiative Facility.
The government of Uzbekistan will receive this financing at very low interest rates and a long repayment period, of up to 40 years. The GCF will also provide a $4 million grant to cover selected project activities.