Ashurst has advised Natixis on the facility.
The facility to National Electric Grid of Uzbekistan JSC was guaranteed by the International Bank for Reconstruction and Development, backstopping offtaker payment obligations for the landmark 100MW Nur Navoi solar photovoltaic IPP.
The Nur Navoi solar project is being financed by Abu Dhabi Future Energy Company PJSC (Masdar), the World Bank Group and the Asian Development Bank and is the first IPP/PPP to reach financial close in Uzbekistan.
It is expected to start contributing to Uzbekistan’s national electric network in the third quarter of 2021, and will produce 270 gigawatt hours per year of electricity from solar energy resources, enough to power more than 31,000 households, and prevent the release of 156,000 metric tons of greenhouse gases annually. The solar power plant strengthens Uzbekistan’s efforts to produce clean energy, strengthen the security of supply and combat climate change.
The Ashurst team was led by partner Tom Longmuir (Picture), supported by associate Samia Khennous. Partner Kerion Ball advised on regulatory aspects.
Involved fees earner: Kerion Ball – Ashurst; Tom Longmuir – Ashurst;
Law Firms: Ashurst;