Monday, 21, September, 2020

The President Shavkat Mirziyoyev signed the Measures to organize construction of a new 1,500 MW capacity thermal power plant in Syrdarya province Decree.

The decree has approved the 1,500 MW capacity combined cycle power plant construction investment agreement in the Syrdarya province between the Ministry of Investment and Foreign Trade, Saudi Arabian The International Company for water and power projects (-investor) and Acwa Power Sirdarya LLC (design company).

The deal takes effect from the date of its signing, that is, from August 6 of this year. The decree has also approved the electricity purchase agreement between JSC National Electric Grids of Uzbekistan and the design company.

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

As part of the implementation of the investment project, the design company, as an exception, shall be entitled to:

- open offshore bank accounts for lending, receive and use funds in foreign currency on such accounts, as well as transfer funds from onshore bank accounts to offshore bank accounts;

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

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