The Project is being implemented by Shamol Zarafshan Energy FE LLC, a special purpose company incorporated in Uzbekistan, wholly owned by Abu Dhabi Future Energy Company PJSC (“Masdar”). Masdar was formed in Abu Dhabi in 2006 as a wholly owned subsidiary of Mubadala Investment Company (“Mubadala”) to promote renewable energy and sustainable urban development. Masdar is active in over 35 countries and has investments in clean energy projects with a combined value of c.US$20 billion and a gross capacity of c.14 gigawatts (GW) installed or under development. The technology deployed in these projects range from onshore and offshore wind projects to solar PV and CSP technologies in Central Asia, the Middle East, North Africa, Europe, North America and Australasia. Masdar's shareholder Mubadala Investment Company is wholly owned by the Government of Abu Dhabi.                                             

The total Project cost is estimated at approximately US$560 million with the total long-term debt financing package of around US$360 million. IFC is considering providing an A loan for IFC's own account in the amount of up to US$75 million and mobilize financing through a B loan and a parallel loan from Japan International Cooperation Agency (JICA). European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and commercial banks are expected to provide the remainder of the debt financing required.                                              

The site is located in the Navoi region approximately 15 km east of the town of Zarafshan on an elevated plateau, located in the Kyzylkum desert. The area is largely used for rough grazing.                                     

This is a Category A project as per IFC's Policy on Environmental and Social Sustainability as the project activities have the potential to cause significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented. The project is located approximately 3.5 km from Mount Aktau an Important Bird Area (IBA) which supports breeding and resident populations of raptors of international and national conservation status. Mount Aktau has a unique ornithological value because of the presence of isolated populations of several species nesting to the south in the Pamiro-Alay mountains and found in the Kyzylkum only here. As such, a key E&S risk for this project concerns the avoidance, monitoring, and management of potential adverse impacts on raptors during wind farm construction and operations.