Sumitomo Corporation, together with ACWA Power , Shikoku Electric Power Co., Inc. and Chubu Electric Power Co., Inc., signed project financing agreements with a group of banks including Japan Bank for International Cooperation, Asian Development Bank, European Bank for Reconstruction and Development, and Islamic Development Bank in relation to solar power and battery energy storage project in Uzbekistan.
The portion financed by private financial institutions will be covered by Overseas Untied Loan Insurance provided by Nippon Export and Investment Insurance (NEXI).
The Project involves the construction, ownership and operation of solar power plants that can generate 1,000 MW, equivalent to the annual electricity consumption of approximately 600,000 households, and large-scale battery energy storage systems (BESS), with a total storage capacity of 1,336 MWh, located in the Samarkand and Bukhara regions of Uzbekistan.
The Project will develop the largest combined solar photovoltaic and energy storage initiative in Uzbekistan to date.
Construction is scheduled to be completed after 2027 and upon commercial operation, all electricity generated will be sold to Uzbekistan’s state-owned JSC National Electric Grid of Uzbekistan (NEGU) under a 25-year power purchase agreement.
Through this Project, Sumitomo Corporation will contribute to Uzbekistan’s energy transition by leveraging its experience in integrated renewable energy businesses, while accelerating the growth of its Energy Solutions business, one of the company’s core growth areas under its current Medium-Term Management Plan.
