The President Shavkat Mirziyoyev signed a decree stipulating the construction of power plants in Khorezm and Surkhandarya provinces.
According to the part I of the decree, Stone City Energy (Netherlands) will implement a US$ 1.2 billion investment project to build a 1,500-1,600 MW steam and gas power plant in Surkhandarya province over 25 years.
SCE Quvvat LLC company was set up to implement the project. It will provide a $ 30 million bank guarantee to ensure that obligations are properly performed during the construction period.
According to the part I of the decree, Hydro Energy Electric Power Industry A.Ş. (Turkey) is implementing a to build a 174 MW gas-piston power plant project in Khorezm province over 25 years. Odash Enerji SA LLC company was set up to implement the project. It will provide a $ 1.3 million bank guarantee to ensure that obligations are properly performed during the construction period.
According to the decree, the electricity purchase agreement between National Electric Networks of Uzbekistan and the project companies were approved, according to which:
- the project companies undertook to sell the generated electricity in a guaranteed manner to a single buyer - National Electric Networks of Uzbekistan;
- National Electric Networks undertakes to purchase electricity in a guaranteed manner for 25 years and to pay for electricity in the national currency;
- National Electric Networks provides a preferential, unconditional bank guarantee in foreign currency to the project companies as security for the performance of obligations to cover the purchase of electricity for 3 months.
