Voltalia signs a power sales agreement for its 526-megawatt hybrid project in Uzbekistan

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Voltalia signs a power sales agreement for its 526-megawatt hybrid project in Uzbekistan

Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energy, announces the signing of a power sales agreement (PPA) for its hybrid project in Uzbekistan. The agreement was concluded with the state company JSC Uzenergosotish¹ on the sidelines of Uzbek President Shavkat Mirziyoyev's official visit to France.

The agreement, signed under the auspices of the Uzbek Ministry of Energy and the Ministry of Investment and Foreign Trade marks a key milestone for the Artemisya project, located in the Bukhara region. The project combines 126 megawatts of solar energy, 300 megawatts of wind power, and 100 megawatts/200 megawatt-hours of battery storage. 

A continued cooperation between Voltalia and Uzbek authorities

• November 2022²: Voltalia signed an agreement with the Uzbek government, in the presence of the European Bank for Reconstruction and Development (EBRD), to initiate the development of this hybrid cluster.
• November 2023³: During a state visit, under the leadership of Presidents Emmanuel Macron and Shavat Mirziyoyev, Voltalia signed a protocol outlining the next steps for the Artemisya hybrid project’s development.

The power sales agreement signed today extends for 25 years for solar and wind energy and 15 years for storage. They ensure the long-term profitability and financial viability of this ambitious cluster. Artemisya will help meet the country’s growing electricity needs, as well as peak consumption during the beginning and end of the day, thanks to its storage capacity.

Annual production of the cluster is equivalent to the electricity consumption of around 2,500,000 inhabitants in Uzbekistan while preventing the emission of 598,000 tonnes of CO2 per year in the country

The construction phase is set to begin in Q1 2026 for solar and storage and in Q3 2026 for wind power.

Alongside the PPA, Voltalia has also signed two new cooperation agreements:

• An agreement establishing the main terms and conditions for the large 500-megawatts / 1-gigawatt-hours storage project, Turan Storage, which is part of the tripartite partnership⁴ signed during the last investment forum in Tashkent with the Ministry of Energy and the Ministry of Investment and Foreign Trade
• An agreement outlining the terms of reference for the implementation of a 500-kilowatt agrivoltaïc pilot project in the Tashkent region. This project, set to be commissioned in August 2025 will serve as the first test project following an agrivoltaic concept in Uzbekistan.

With this new milestone, Voltalia reaffirms its commitment to supporting Uzbek’s ambition of reaching 8 gigawatts of renewable capacity by 2026 and 12 gigawatts by 2030.

"This signing demonstrates our strong commitment to supporting Uzbekistan in its energy transition. Following the discussions initiated on this project in 2022, we are now concluding a significant power sales agreement, further strengthening our presence in the country”, says Robert Klein, Chief Executive Officer of Voltalia.

Yoni Ammar, Deputy Chief Executive Officer of Voltalia, says: "The new contract demonstrates our ability to develop large-scale projects, integrate efficient hybrid solutions, and ensure their long-term profitability. They also reflect the confidence placed in Voltalia by the Uzbek authorities as a high-performing and leading partner in supporting the sector's development. I sincerely thank them for this trust”.

Next on the agenda: 2024 Results, March 13, 2025 (before market opening)

1Unique buyer in Uzbekistan        
2 Press release dated November 22, 2022
3 Press release dated November 3, 2023
4 Press release dated May 15, 2024

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• Voltalia signs a power sales agreement for its 526-megawatt hybrid project in Uzbekistan