The Project is being implemented by Nur Bukhara Solar PV LLC FE, a special purpose company incorporated in Uzbekistan, wholly owned by Abu Dhabi Future Energy Company PJSC - Masdar (“Masdar”). Masdar was formed in Abu Dhabi in 2006 to promote renewable energy and sustainable urban development. The Government of Abu Dhabi is the ultimate owner of Masdar via Mubadala Investment Company (“Mubadala”), with assets under management of c.US$276 billion, Abu Dhabi National Energy Company (“TAQA”) and Abu Dhabi National Oil Company (“ADNOC”). Masdar is active in over 40 countries and has investments in clean energy projects with a combined value of c.US$30 billion and a gross capacity of over 20GW installed or under development. The technology deployed in these projects range from onshore and offshore wind projects to solar PV and concentrating solar power technologies in the Middle East, North Africa, Europe, North America and Australasia.

 The Project is estimated to cost approximately US$316 million, with the total long-term debt financing package at around US$197 million. IFC is considering providing i) an A loan in the amount of up to US$90 million, ii) a blended concessional finance loan in the amount of up to US$20 million, with IFC acting as implementing entity of the Canada-IFC Blended Climate Finance Program, and iii) an interest rate swap to cover up to US$197 million notional amount for the total long-term debt financing package. The remaining debt will be provided by the Asian Development Bank (“ADB”) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (“FMO”).

 The project site covers approximately 649 hectares of land on reasonably flat terrain in the Alat District of the Bukhara region, in the southwest area of the Republic of Uzbekistan. It is located 24 kilometers southeast of Alat city, and approximately 25 kilometers from the Turkmenistan border.                             

 This is a Category B project as per IFC's Policy on Environmental and Social Sustainability. Key E&S issues include but are not limited to: 1) adequacy of the Environmental and Social Impact Assessment (ESIA) in line with IFC’s Performance Standards (PSs) and World Bank Group’s Environment Health and Safety (WBG EHS) Guidelines; 2) the company’s and contractor’s Environmental and Social Management System (ESMS) and capacity to manage EHS risks of the Project; 3) contractor and sub-contractor E&S management; 4) HR policies and procedures including Occupational Health and Safety (OHS); primary labor supply chain issues such as forced and child labor; 5) stakeholder engagement & grievance mechanism; 6) construction and operations related aspects such as noise and dust, water sourcing and availability; 7) solid and liquid waste management including of PVs at end of their life and at decommissioning, 8) community health and safety; 9) economic displacement and livelihood restoration; 10) impacts on natural habitat and vegetation species of conservation importance.