Jeddah – The Islamic Development Bank today started financing the construction and operation of a 200-megawatt photovoltaic solar energy project and a 500-megawatt battery storage project in the Tashkent Region of Uzbekistan, under the sponsorship of the Saudi development and investment company, Aqua Power.

The historic renewable-energy project will increase solar energy generation funded by the private sector to meet the growing demand for energy, ensure grid stability, and enhance the efficiency and reliability of energy supply for the national economy.

The Islamic Development Bank is jointly financing the project with the European Bank for Reconstruction and Development.