The Saudi company ACWA Power has successfully completed the financial close for the new 1,500 MW thermal power plant (TPP) project in the city of Shirin, Syrdarya province, the Ministry of Energy said.
An investment agreement for the thermal power plant and the electricity purchase agreement for 25 years was signed between ACWA Power, as a private energy producer, and the Ministry of Energy on March 5, 2020.
The total project cost is US$ 1.2 billion, of which US$ 747 million are loans provided by the International Development Bank and foreign banks.
Among the creditors are the European Bank for Reconstruction and Development, the International Development Fund of the Organization of the Petroleum Exporting Countries (OPEC), the German Investment Corporation, Standard Chartered Bank, Natixis, Société Générale, Bank of China.
The term of the loan agreements is 18 years, of which construction work will be carried out during the first 3 years.
