Kosta Legal advises Masdar on achieving financial close for the Guzar 300 MW solar power plant and 67 MWh BESS in Uzbekistan

We are pleased to announce that Kosta Legal, led by partners Shukhrat Yunusov, Nail Hassanov and Azizbek Akhmadjonov, with support from associates across the firm’s Banking & Finance, Corporate, Infrastructure & PPP, and Real Estate & Construction practices (Aliye Ablyalimova, Dilshodbek Orifjonov, Iroda Tokhirova, Islam Djakabaev, and junior lawyers), has advised Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, on achieving financial close for the 300 MW Guzar solar power plant and 75 MWh battery energy storage system (BESS) project in the Kashkadarya region of Uzbekistan.

Masdar secured a financing package of more than USD 225 million from the European Bank for Reconstruction and Development and the Asian Development Bank. In collaboration with the London office of Norton Rose Fulbright, our team provided comprehensive legal support across a range of matters, including public-private partnership, regulatory, corporate, land, and project finance aspects of the transaction. Our work included drafting and negotiating project and financing documentation, as well as advising on negotiations with government authorities and lenders.

The partners commented: “We are proud to have advised Masdar on this landmark transaction, which represents another major step in the development of Uzbekistan’s renewable energy sector and demonstrates our firm’s strong expertise in complex PPP and project financing transactions.”

Under a PPP agreement with JSC National Electric Grid of Uzbekistan, Masdar will be responsible for the design, construction, and operation of the project. Following commissioning, the facility is expected to reduce carbon dioxide emissions by over 400,000 tonnes per year and generate sufficient electricity to meet the needs of around 60,000 households, supporting Uzbekistan’s target of sourcing 54 percent of its power from renewable energy by 2030.

Masdar’s total investment in Uzbekistan now exceeds USD 2 billion, forming part of its broader renewable energy portfolio across the CIS region, as the company advances toward its target of achieving 100 GW of global renewable energy capacity by 2030.