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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of February 23, 2021 No. PP-5003

About measures for implementation of the Investment project "Construction of Windfarm Capacity of 500 MW in Gizhduvansky District of the Bukhara Region"

(as amended of the Resolution of the President of the Republic of Uzbekistan of 08.07.2022 No. PP-314)

For the purpose of ensuring development of renewable energy, reduction of consumption of natural gas in case of production of electrical energy, production diversification, and also broad attraction of direct foreign investments in electric power industry:

1. Take into consideration that:

a) the International Company for water and power projects company (Saudi Arabia) (further - the Investor) within the Investment project "Construction of Windfarm Capacity of 500 MW in Gizhduvansky District of the Bukhara Region" (further - the Investment project) in the Republic of Uzbekistan founds ACWA Power Bash Wind LLC (further - the Project company);

b) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company the Investment agreement (further - the Investment agreement) providing capture by the Investor and the Project company of obligations, according to which is signed on January 24, 2021:

designing, financing, construction and operation of windfarm capacity of 500 MW in Gizhduvansky district of the Bukhara region (further - VES) are performed throughout the entire period of implementation of the Investment project;

attraction of direct foreign investments on the amount on predesigns of 650 million US dollars is performed with acceptance of possible risks on itself;

c) as a result of direct negotiations between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company the Purchase agreement of electrical energy (further - the Purchase agreement of electrical energy) on January 24, 2021 is signed according to which:

The project company assumes obligation of the guaranteed sale of the made electrical energy to the single buyer on behalf of JSC Natsionalnye elektricheskiye seti Uzbekistana;

The project company provides the bank guarantee on proper execution of the obligations in the period of construction in the amount of 18 million US dollars;

The investor and the Project company within the Investment project perform construction of overhead power transmission lines and other electric constructions for connection of VES to single network of the electric power, JSC Natsionalnye elektricheskiye seti Uzbekistana - covers the expenses spent for the specified works within 10 years on the basis of monthly payments;

JSC Natsionalnye elektricheskiye seti Uzbekistana assumes obligation of the guaranteed purchase of electrical energy within 25 years and implementation of payment for electrical energy in national currency.

2. Approve the Investment agreement signed between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company.

Determine that the Investment agreement becomes effective on the basis of the conditions specified in it.

3. Approve the Purchase agreement of electrical energy signed as a result of carrying out direct negotiations between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company.

4. Determine that according to the Investment agreement and the Purchase agreement of electrical energy for the term of their action the flat fare on purchase of electrical energy denominated in foreign currency is established.

5. Provide to the Ministry of investments and foreign trade, JSC Natsionalnye elektricheskiye seti Uzbekistana and the Department of Energy the right to the conclusion with the Investor, the Project company and creditors who are taking part in financing of the Investment project, agreements on concession of the rights of the Project company and the Investor to the creditors in case of non-execution of agreement obligations by the Project company signed within implementation of the Investment project.

6. Resolve JSC Natsionalnye elektricheskiye seti Uzbekistana according to the Purchase agreement of electrical energy:

attraction together with the Project company of the international independent engineering companies according to the procedure established in the Purchase agreement of electrical energy;

the conclusion in accordance with the established procedure in frames of the Investment project according to the procedure of exception of direct agreements with the international independent engineering companies without conducting obligatory examination and registration;

opening of the confirmed in foreign currency, renewable letter of credit of commercial bank of the Republic of Uzbekistan for benefit of the Project company as ensuring obligation fulfillment on covering of purchase by the made Project company of electrical energy for three months.

7. Permit the Project company according to the Investment agreement within implementation of the Investment project:

open bank accounts in foreign banks for crediting, obtaining and use of foreign currency cash (including, in addition, receipts of borrowing facilities in foreign currency);

receive borrowing facilities in foreign currency on bank accounts abroad;

accept foreign currency cash according to loan agreements and intermediate loan agreements signed with members of the Project company before the expiration of the warranty period established in the agreement (ERS-contract) signed with the prime contractor within the Investment agreement;

make payments to foreign contractors, suppliers or foreign creditors outside the Republic of Uzbekistan directly from bank accounts abroad.

8. To khokimiyat of the Bukhara region till July 30, 2022 to provide allocation to the Department of Energy on the right of permanent use of the parcel of land, and also the land area necessary for construction of VES, substation, and also the overhead power transmission lines proceeding from coordinates of the earth occupied with basic constructions corresponding to the conditions specified in the Investment agreement and the Purchase agreement of electrical energy.

To provide to Department of Energy according to this Item for the state and social needs transfer to lease:

The project company - the parcel of land allocated for construction of VES and substation for the period equal to the term of implementation of the Investment project;

JSC Natsionalnye elektricheskiye seti Uzbekistana - the parcel of land allocated for construction of overhead power transmission lines.

Determine that the payment for the right of lease of land on market value is expressed in the form of the rent operating concerning the earth and paid by the Project company.

At the same time to exempt the Project company and JSC Natsionalnye elektricheskiye seti Uzbekistana from compensation of losses of agricultural production (compensation payments) when using lands of agricultural purpose within implementation of the Investment project.

8-1. Agree with the offer of the Ministry of investments and foreign trade, the Ministry of Agriculture, Ministry of water economy, khokimiyat of the Bukhara region on transfer of the lands allocated for placement of the Investment project by Ploshchad 172,55 of hectares, 0,18 of hectares from which irrigated, in Gizhduvansky, Shafirkansky, Peshkunsky, Ramitansky, Dzhandarsky and Karakul districts of the Bukhara region from category of agricultural purpose in category of lands of industrial function according to appendix to this resolution.

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