Tashkent, Uzbekistan (UzDaily.com) -- The project of the Emirati company Masdar for the construction of a 500 MW wind farm in the city of Zarafshan, Navoi region, was recognized by the PFI Awards as the deal of the year in Central Asia.

The PFI (Project Finance International) Awards is one of the most prestigious awards in the field of project finance, annually awarded for the best project finance transactions in Europe, the USA, Asia, the Middle East and Africa.

It should be noted that the power plant construction project is being implemented on the terms of the Investment Agreement concluded between the Ministry of Investment, Industry and Trade and Masdar.

The agreement envisages Masdar to finance, design, build and operate the power plant for 25 years.

It is planned to attract US$600 million of foreign direct investment for the implementation of the project. Once launched, the power plant will save 545 million cubic meters of natural gas annually and reduce carbon dioxide emissions by 1.1 million tons per year, as well as provide an annual output of 1.6 billion kWh. electricity, which is equivalent to the consumption of 500 thousand households.

The investment project is aimed at solving the tasks set by the Government of the Republic of Uzbekistan to bring the share of renewable energy sources in the total electricity production to 25% by 2026.

Receiving this award is a universal recognition of the complexity of the investment project and the joint efforts of all its participants in a macroeconomic volatile period. This award also testifies to the great work done, the flexibility and perseverance of all parties involved - Masdar, the Ministry of Investment, Industry and Trade and project lenders - to realize Uzbekistan’s goals for the large-scale introduction of renewable energy sources.