BAKU, Azerbaijan, Feb. 8
By Klavdiya Romakayeva - Trend:
The President of Uzbekistan approved measures for the design, financing, construction, and operation of a 240 MW combined-cycle power plant in the Tashkent region of Uzbekistan for 25 years, Trend reports referring to Norma information and legal portal.
It is reported that the document approves an investment agreement concluded between the government of Uzbekistan, represented by the Ministry of Investments and Trade, by Cengiz Enerji San. VE Tic A.S. (investor) and Cenergo LLC (project company).
In addition, an agreement on the purchase of electricity, concluded between the National Electric Grids of Uzbekistan JSC (NESU JSC) and the project company, was also approved.
In accordance with the agreement, the project company undertakes the obligation of guaranteed sale of the generated electricity to a single buyer - NESU JSC.
NESU JSC undertakes the obligation of guaranteed purchase of electricity for 25 years and makes payments for electricity in national currency.
Also, NESU JSC, as a security for the fulfillment of obligations, submits to the project company a confirmed, renewable, irrevocable, and unconditional bank guarantee in foreign currency to cover the purchase of electricity within three months.
It is noted that a fixed tariff for its purchase is set, denominated in foreign currency, for the term of the investment agreement and the agreement on the purchase of electricity.
Moreover, NESU JSC is allowed to provide in foreign currency a confirmed, renewable, irrevocable, and unconditional bank guarantee of the commercial bank of Uzbekistan in favor of the project company to cover the purchase of electricity, as well as act as a supplier of natural gas for the purposes of the investment project.
Cenergo LLC is allowed to open bank accounts abroad in foreign banks for lending, receiving, and using funds in foreign currency (including, but not limited to, receipts of loans in foreign currency) and transfer funds from bank accounts opened in Uzbekistan to bank accounts opened for abroad.
Earlier, NESU JSC entered into a similar agreement with the Korean SK E&C, under which SK E&C will modernize the Mubarek CHPP (CHPP). In exchange, Uzbekistan undertakes to purchase electricity from them and supply free fuel for 25 years.
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