A $300 million loan for Uzbekistan's Takhiatash thermal power plant was recently approved by the Asian Development Bank.

The loan will allow the plant to meet rising electricity demand in the quickly growing nation of Uzbekistan.

"Karakalpakstan and Khorezm regions are expecting electricity demand to grow at double the rate of the forecasted national average. Reliable power supply is essential to meet the residential demand and for future industrial development and growth," Rune Stroem, the director of the energy division of ADB's Central and West Asia department, said, according to a press release. "This loan will help finance modern generating units to increase the reliability of power supply, save energy and cut greenhouse gas emissions."

The Uzbekistan Fund for Reconstruction and Development will also provide a $270 million loan, while Uzbekenergo and the government of Uzbekistan will provide a total of $130 million. In total, the six year project will receive $700 million in funding and is expected to be completed by the end of October 2020.

Uzbekistan has recorded eight percent growth on average from 2007 to 2013 but has been undermined by an aging power infrastructure that dates to the Soviet Union era.

The Takhiatash power plant project will construct two new energy efficient combined-cycle gas turbines of up to 280 megawatts each and decommission three existing steam turbines.