The European Bank for Reconstruction and Development (EBRD) is studying the possibility of providing a Voltalia loan for a project in the Khorezm region, the organization’s website reports.

The French company plans to build a solar photovoltaic power plant in Sarymay according to a tender that it won at the end of 2022. The terms of the competition indicated a capacity of 100 MW, but later it became known about plans to increase it to 123 MW.

The EBRD plans to allocate $34 million for the project. The loan should cover 40% of the estimated cost of the project – this is about $85 million.

The money will be received by the project company Sarymay Solar, a specialized subsidiary of Voltalia. As announced at the agreement signing ceremony in November, the company plans to build a 100 MW wind farm and battery system as part of the project.

Voltalia is working on another project in Uzbekistan. In November 2022, it formalized a preliminary agreement for the construction of a hybrid power plant with a total capacity of 400 MW with an energy storage system in the Navoi region.

The EBRD is also currently considering a loan of up to $140 million for ACWA Power. The money will be used to create one of the photovoltaic power plants in the capital region that the Saudi company agreed to create in March.