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Combined-cycle power plant to be built in Syrdarya

11 August 2020

A presidential resolution "On measures to organize the construction of a new thermal power plant with a capacity of 1,500 MW in Syrdarya region" was adopted on 10 August.

In accordance with the resolution, an investment agreement was approved for the construction of a combined-cycle power plant with a capacity of 1,500 MW in Syrdarya region between the Ministry of Investment and Foreign Trade, The International Company for water and power projects (Saudi Arabia) (investor) and Acwa Power Sirdarya LLC (design company).

The investment agreement comes into force from the date of its signing (on 6 March 2020).

The resolution approved the Agreement on the purchase of electricity between JSC National Electric Grids of Uzbekistan and the Project Company.

The project company undertakes an obligation on the guaranteed sale of the generated electricity only to JSC National Electric Grids of Uzbekistan.

As part of the implementation of the investment project of the Project Company, as an exception, the right is granted:

- open bank accounts abroad in foreign banks for lending, receive and use funds in foreign currency on such accounts, as well as transfer funds from bank accounts opened in the republic to bank accounts opened abroad;

- make payments directly through bank accounts to foreign contractors, suppliers or foreign creditors outside of Uzbekistan.