MANILA, Oct. 29 (Xinhua) -- The Asian Development Bank (ADB), together with partners, has signed a landmark financing package to build two utility-scale solar power plants with battery energy storage systems in Uzbekistan, the multilateral lender said Wednesday.
Once operational, the projects are expected to supply clean electricity to around 600,000 households and offset about 1.3 million tons of carbon dioxide emissions annually.
The ADB arranged a 140-million-U.S.-dollar financing package, comprising 70 million dollars from its ordinary capital resources, 10 million dollars from the ADB-administered Leading Asia's Private Infrastructure Fund 2 (LEAP 2), and 60 million dollars in syndicated loans with the ADB as the lender of record.
To further enhance bankability and reduce risk, the ADB will also provide up to 85 million dollars in credit guarantees that backstop the off-taker's tariff payment obligations.
These guarantees, backed by the Uzbek government, were instrumental in mobilizing more than 1.2 billion dollars in total private and partner capital for the projects. ■
