Cranmore Partners is proud to have acted as sole and exclusive financial adviser to Masdar (Abu Dhabi Future Energy Company) for the financing of the 500MW Zarafshan wind farm in Uzbekistan.

This transaction is the first wind IPP in Uzbekistan and the largest Asian onshore or offshore limited-recourse wind IPP financing to have signed in 2022 to date.

It is also the first limited-recourse project financing ever where Etihad Credit Insurance (ECI) , the export credit agency of the UAE, has provided cover. The remainder of the financing is being provided by Asian Development Bank (ADB), EBRD, FMO – Dutch entrepreneurial development bank, IFC – International Finance Corporation and Japan International Cooperation Agency (JICA) – each under exceptionally competitive terms.

The project will help Uzbekistan reach its target of generating 25% of its power from renewable sources and will produce sufficient electricity to power half a million homes when operational.

This landmark transaction builds on Cranmore’s market leading advisory track record on first of a kind transactions globally, among others in emerging markets and on energy transition. It is also the second renewables IPP closed by Cranmore in Uzbekistan, following on from the 100MW Nur Navoi Scaling Solar PV IPP in 2020 – the first IPP and PPP financing in the country.

Cranmore Partners is proud of and thankful to Masdar, the Government of Uzbekistan, and the lenders on the transaction for their continued trust.