On November 8, President Shavkat Mirziyoyev signed a decree on the 550 MW combined cycle power plant project in Jizzakh province.
The investor is the Turkish company Cengiz Enerji San. VE TIC A.Ş., and the project company is Cenergo. In early August, the president, at a meeting with the CEO of Cengiz Holding, launched the power plant project in Jizzakh province.
Initially, the planned capacity was 450 MW with an 56% efficiency factor, but the investor proposed to increase the capacity to 520 MW and the efficiency to 62%, First deputy minister of energy Azim Akhmedkhodjaev announced.
According to the presidential decree, the capacity has been raised to 550 MW. The facility is planned to be commissioned in 2025. It is designated to produce over 4 billion kWh of electricity and save at least 700 million cubic meters of gas.
For the construction of the facility, it is planned to provide a land plot of 9.54 hectares in Sharaf-Rashidov district of Jizzakh province.
According to the document, the investor and project company will be in charge for the design, financing, construction and operation of the combined cycle power plant and will attract $500 million in foreign direct investment.
The project company must provide a tier 1 foreign bank guarantee of $2 million to ensure the proper performance of its obligations during the construction period.
The project company undertakes to guarantee the sale of produced electricity to the National Electric Networks of Uzbekistan company in a guaranteed manner. NES also undertakes to guarantee the purchase of electricity for 25 years.
Under the investment agreement and payment agreement, electricity will be purchased at a fixed tariff in foreign currency, but paid in national currency. The tariff is not disclosed.
The investor and the project company, if they cannot fulfill their obligations, can transfer the rights to other creditors participating in financing the construction of the power plant.
The project company receives the right to open bank accounts in foreign banks to obtain a loan, receive foreign currency funds and use them (including borrowed funds in foreign currency). It will also be able to make payments to foreign contractors, suppliers or foreign creditors outside Uzbekistan directly, without transferring them through bank accounts in the company.
