Masdar has achieved financial close on the 500MW Zarafshan wind project – Uzbekistan’s first utility-scale wind farm.Masdar entered into bilateral agreements with the Government of Uzbekistan in 2020 to develop, build and operate the Zarafshan wind farm. The project is expected to attract foreign direct investment of more than $600 million, and is part of Uzbekistan’s effort to meet 25% of its electricity needs from renewable sources by the end of the decade.The Zarafshan wind farm, which is expected to begin commercial operation by the end of 2024, will provide enough electricity to power 500,000 homes, while displacing 1.1 million tonnes of carbon dioxide per year. Masdar signed the Power Purchase Agreement and Investment Agreement for the Zarafshan wind farm with the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and JSC National Electric Grid of Uzbekistan in June 2020.The facility will comprise 111 wind turbine generators, each with a capacity of 4.5MW.