UAE-headquartered clean energy firm Masdar has achieved financial close for a 500MW wind independent power producer (IPP) project to be located in Uzbekistan's Navoi (Navoiy) region.

The project will require an investment of $600m.

Financial agreement was reached with the following banks and financial institutions:

• Asian Development Bank
• European Bank for Reconstruction & Development
• International Finance Corporation
• First Abu Dhabi Bank
• Etihad Credit Insurance
• Natixis Corporate & Investment Banking
• Japan International Cooperation Agency
• FNO – Dutch entrepreneurial development bank

The wind farm will be located in the Zarafshon district of Uzbekistan’s Navoi region.

Masdar signed the power-purchase agreement (PPA) and investment agreement with Uzbekistan’s Ministry of Investments & Foreign Trade and JSC National Electric Grid for the project in June 2020.

Under the agreements, Masdar will design, finance, build and operate the 500MW facility, which is expected to reach commercial operation in 2024.

The project broke ground in April 2021. Masdar at the time also agreed to expand the capacity of the planned wind farm project in Uzbekistan's Navoi region to up to 1,500MW, as MEED reported.