Cranmore Partners Ltd is proud to have been the sole and exclusive financial adviser to Masdar on its successful bid and closing of the 100MW Nur Navoi Solar PV IPP in the Republic of Uzbekistan.
The project is a landmark transaction for the country, being its first-ever independent power plant and first-ever financed project under a public-private partnership (PPP) framework. The country has ambitious plans to build 8 GW of new renewable generating capacity by 2030, as well as other power and infrastructure projects under PPP structures.
The project was tendered by the IFC under its Scaling Solar programme and was the platform’s first such tender outside of Africa. Nur Navoi is notable for both the lowest-ever tariff achieved amongst Scaling Solar projects to date as well as the shortest time taken from bid submission to Financial Close.
The USD 120m project was approximately 50-50 financed by IFC and ADB as senior lenders and EBRD as equity bridge lender. Funds from IFC were provided in the form of an A Loan and blended financing from the Canada IFC Blended Finance Program, and funds from ADB in the form of an A Loan and a fixed-rate tranche under the Canadian Climate Fund for the Private Sector in Asia II. The IFC provided interest rate hedging and the World Bank IBRD a six-month partial risk guarantee underwritten by Natixis.
As Cranmore, we were able to utilise our in-depth experience of financing emerging market power projects and other projects in Uzbekistan to support Masdar in winning and successfully closing this project. We would like to express our gratitude to Masdar, the Uzbek Government and the Lenders for bringing the project to a successful outcome.
Image credit: Masdar