How seven lenders came together in one deal: Zarafshan Wind

Syndicated finance is easier to remember on a real case. Here is a live deal right here in Uzbekistan.

The project

Zarafshan Wind is a 500 MW wind farm in Navoi region, one of the largest in Central Asia. The sponsor is Masdar of Abu Dhabi (co-owned by TAQA, ADNOC and Mubadala). The power purchase agreement (PPA) with the Government of Uzbekistan runs for 25 years.

Financial close was reached in September 2022 and the plant was commissioned in December 2024. Total project cost is about $600 million; debt financing, according to independent sources, is about $593 million.

Branch 1. A/B loan

EBRD coordinated the deal and arranged its own $74 million package:

• $42 million on its own balance sheet as lender of record (A loan);
• FMO (the Dutch development bank) with $10 million as a B loan under EBRD's umbrella, gaining access to its preferred creditor status;
• a separate $22 million revolving facility backed by a Masdar guarantee to fund VAT during construction, a first for Uzbekistan.

Branch 2. Parallel loans

IFC, ADB and JICA came in as anchor lenders in parallel. Each provided its own loan on its own terms, but all under a single Common Terms Agreement. One project, one borrower, several parallel loan agreements.

Branch 3. ECA cover for commercial banks

Natixis and First Abu Dhabi Bank lent under cover from Etihad Credit Insurance, the UAE export credit agency. It was the first time ECI provided cover for a limited-recourse project finance deal.

Why so complex

Almost $600 million had to be raised in a country that, five years earlier, had no experience with independent wind power. EBRD alone could not carry that volume: an A/B loan would have mobilised $50–60 million at most. Bringing in IFC, ADB and JICA required a Master Cooperation Agreement (MCA), and the commercial banks could only come in under ECA cover.

The result is at least seven institutions with different motives and requirements in one working structure. Without an MCA, the borrower would have spent years negotiating with each lender separately.

What follows

Preparation for a multi-DFI deal has to start very early. Hire a transaction advisor with experience of such structures, and expect every lender in the syndicate to bring its own set of requirements.

First published in Russian in the Telegram channel «Просто о ГЧП» on 5 May 2026.