BAKU, Azerbaijan, January 26. The project of the Masdar, UAE-government owned renewable energy company, for the construction of a 500 MW wind farm in Zarafshan city of Uzbekistan's Navoiy region has received the PFI (Project Finance International) Award as the deal of the year in Central Asia, Trend reports citing the PFI report.
The PFI Awards honor achievement and ingenuity in the global project finance market.
The construction of the wind plant was fulfilled as part of the previously signed agreement between UAE’s Masdar and Uzbekistan’s Ministry of investment and foreign trade.
According to the agreement, Masdar is obliged to design, finance, build, operate and maintain the wind plant with a capacity of 500 MW in Zarafshan city of Uzbekistan's Navoiy region for 25 years.
To the implementation of the project, it is planned to attract $600 million of foreign direct investments.
The plant is envisaged to produce about 12 billion kWh of electricity per year, thus saving some 545 million cubic meters of natural gas per year.
Furthermore, the implementation of this project will reduce carbon dioxide emissions by 1.1 million tons per year.