The Asian Development Bank announced on Tuesday that it has approved a $300 million loan to upgrade Uzbekistan's Takhiatash thermal power plan in order to meet the country's growing demand for electricity.
"Karakalpakstan and Khorezm regions are expecting electricity demand to grow at double the rate of the forecasted national average," Rune Stroem, the director of the energy division of the ADB's Central and West Asia department, said. "Reliable power supply is essential to meet the residential demand and for future industrial development and growth.This loan will help finance modern generating units to increase the reliability of power supply, save energy, and cut greenhouse gas emissions."
Uzbekistan's economy has grown by more than eight percent per year on average from 2007-2013, but aging power infrastructure dating back to the Soviet era has limited its ability to accommodate the demand for power.
The project will involve the construction of two new energy-efficient combined-cycle gas turbines of up to 280 megawatts each and the decommissioning of three existing turbine units.
It will also support staff training and other assistance for Uzbekenergo, the state-owned power utility, which needs to modernize its management and information technology systems. The project is expected to take six years, with a projected completion date of October 2020.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar