Total Eren Secures Financing for 100 MW Solar Project in Uzbekistan

Total Eren has successfully signed the financing documentation for its solar photovoltaic project Tutly with 100 MWac capacity in Uzbekistan

Total Eren, a leading renewable energy Independent Power Producer (IPP) based in Paris, has announced that it has successfully signed the financing documentation related to its solar photovoltaic (PV) project Tutly with 100 MWac capacity. 

The loans totaling EUR 87.4 M are provided by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and Proparco, an affiliate of the French Development Agency (AFD). 

Laurence Juin, EVP and CFO of Total Eren, said “we are pleased to have successfully finalised the financing of our first solar project in Uzbekistan, and I would like to thank the Uzbek authorities and our lenders, EIB, EBRD and Proparco, for their support, as well as our teams in Tashkent and Paris for their hard work. Total Eren is proud to be one of the first IPP to develop, build, and finance a solar project in Uzbekistan to supply the population with low-carbon electricity and help reduce the country’s dependence on fossil fuels. We are eager to commission the Tutly solar farm and to develop other renewable energy projects in Uzbekistan and in the region.”

The construction of the solar farm, located in the Samarkand region of Uzbekistan, has already started. Located about a hundred kilometers East of the city of Samarkand, the Tutly solar farm was entirely developed by Total Eren. It is one of the first renewable energy projects in Uzbekistan and one of the first IPP projects to be built in the country. 

As per the firm, the development phase has been completed in a record time thanks to unique cooperation and support from the Uzbek authorities. 

EIB financed the project through a EUR 43.7 million loan, while EBRD and Proparco respectively contributed with two loans of about EUR 21.8 million each. The electricity generated by Tutly was contracted to the National Electric Networks of Uzbekistan through a 25-year Power Purchase Agreement (PPA). The power plant is expected to start feeding power to the grid at the end of 2021. 

Turnkey Engineering, Procurement & Construction (EPC) contracts were signed with METKA EGN, the Renewables & Storage Development (RSD) Business Unit of MYTILINEOS, a leading Greek industrial company with activities in the sectors of EPC projects, metallurgy and electricity

Once completed, the power plant is expected to produce 270 GWh per year, the solar farm will also support regional sustainable growth and contribute to local employment, with more than 300 workers on site during the construction phase and 15 permanent jobs created for the operation phase.