Masdar to Develop Two Solar Power Projects in Uzbekistan

Masdar announced it is expanding its footprint in Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country. (WAM)
Masdar announced it is expanding its footprint in Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country. (WAM)
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Masdar to Develop Two Solar Power Projects in Uzbekistan

Masdar announced it is expanding its footprint in Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country. (WAM)
Masdar announced it is expanding its footprint in Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country. (WAM)

The UAE’s clean energy firm Masdar announced Tuesday that it is expanding its footprint in Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country for a combined capacity of 440 megawatts.

Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan, signed the Investment Agreements for both projects with Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.

The Power Purchase Agreements were signed by Sobirjon Artikov, First Deputy Chairman of the Board of JSC National Electric Grid of Uzbekistan, and Masdar’s Al Ramahi.

“The Government of Uzbekistan opened up the power sector to private investments by implementing public-private partnership projects that can attract foreign capital efficiently and transparently,” Umurzakov said.

Under the agreements, Masdar will develop, build and operate the plants, which will each have a capacity of 220 MW, on a public-private partnership basis. Commercial operation of the projects, which will be located in the Samarkand and Jizzakh regions of Uzbekistan, is expected to start in the first quarter of 2023.

“The Ministry of Energy has been working closely with the IFC to help Uzbekistan reach its goal of 25 percent of energy consumption deriving from renewable sources by 2030,” said Alisher Sultanov, Minister of Energy of Uzbekistan. “These projects are key components in our ambitious strategy to develop environmentally friendly renewable sources of energy to meet our growing electricity demand.”

“These new projects are a further demonstration of Masdar’s commitment to supporting Uzbekistan in achieving its clean energy and climate change objectives,” Al Ramahi said.

He added, “Uzbekistan is a key strategic investment destination for Masdar as the Government continues to take a leadership role in clean energy projects in the region, and accelerate the nation’s energy transition. Masdar is proud to support Uzbekistan’s decarbonization strategy through our strong portfolio of wind and solar projects in the country.”

In May, Uzbekistan’s Ministry of Energy announced that Masdar was selected for both projects based on a competitive tender. Masdar has also won the tender for another solar project in Uzbekistan, for a 457 MW photovoltaic solar power plant in the Sherabad district of the Surkhandarya province.

The new project wins add to Masdar’s existing projects in Uzbekistan, with the company last year announcing financial close on the 100 MW Nur Navoi Solar Project – Uzbekistan’s first successfully financed independent power producer (IPP) solar project.

Masdar has also agreed to develop, build and operate a 500 MW wind farm in Zarafshan, and in April, the company signed an Implementation Agreement with the Government of Uzbekistan to extend the capacity of the project to up to 1.5 gigawatts, making it the largest in Central Asia.

Under its renewable energy program, Uzbekistan aims to deploy 5 GW of solar and 3 GW of wind power capacity by 2030, as it targets meeting 25 percent of electricity needs from renewable sources by that year.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.