Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, has inaugurated the Nur Navoi Solar Project – Uzbekistan’s 1st successfully financed independent power producer (IPP) solar project.

The inauguration ceremony was attended by Shavkat Mirziyoyev, President of the Republic of Uzbekistan, Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade for the Republic of Uzbekistan, Alisher Sultanov, Minister of Energy for the Republic of Uzbekistan, and Saeed Marat Al-Qemzi, UAE Ambassador to the Republic of Uzbekistan.

The event, held at the project site in the Navoi region, was also attended by other high level officials from the Government of Uzbekistan and senior executives from Masdar.

Shavkat Mirziyoyev, President of the Republic of Uzbekistan, said, "In the next 5 years, we have plans to increase our economy’s growth rate by 1.5 times, and bring GDP to at least USD 100 billion. Thousands of new industrial enterprises, both medium and large will be launched, and electricity demand is set to reach 100 billion kilowatt-hours - 30 billion more than now. Therefore, we have very big plans for new reforms and projects in the electric power industry. In the next 5 years, 19 projects worth USD 6.5 billion will be launched to create 11,500 megawatt of new capacity."

Alisher Sultanov, Minister of Energy for the Republic of Uzbekistan, said, "Uzbekistan has been working closely with the IFC to open up the country’s power sector to private investment and to help us reach our goal of 25 per cent of energy consumption deriving from renewable sources by year 2030. We have a huge variety of projects underway, and already completed. It is my great pleasure to update audiences on our progress. Uzbekistan is committed to policy goals to improve energy efficiency and increase renewable energy’s share of the country’s energy mix."