RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of March 4, 2021 No. PP-5018

About measures for implementation of the Investment projects "Construction of Steam-gas Power Plant Capacity of 240 MW and Gas-piston Power Plant Capacity of 230 MW in the Tashkent Region" and "Construction of Gas-piston Power Plant Capacity of 270 MW in the Bukhara Region"

For the purpose of development of capacities in production of electrical energy with attraction of direct foreign investments in electric power industry, and also stable and high-quality providing industries of economy and the population with energy resources:

1. Take into consideration that:

a) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade and the company "Aksa Enerji Uretim A.S." (Republic of Turkey) (further - the Investor) on January 20, 2021 is planned implementation of the investment projects (further - Investment projects) connected with designing, financing, construction and operation within 25 years of steam-gas power plant capacity of 240 MW and gas-piston power plant capacity of 230 MW in the Tashkent region (further - the Investment project in the Tashkent region), and also gas-piston power plant by capacity of 270 MW in the Bukhara region (further - the Investment project in the Bukhara region);

b) for the purpose of implementation of the Investment project in the Tashkent region by the Investor creates Aksa Enerji Tashkent LLC (further - the Project company in the Tashkent region);

c) for the purpose of implementation of the Investment project in the Bukhara region by the Investor creates Aksa Enerji Bukhara LLC (further - the Project company in the Bukhara region);

d) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company in the Tashkent region (taking into account the subsequent accession to the agreement) constitute on January 20, 2021 the investment agreement in the new edition providing the obligations of the Investor and the Project company in the Tashkent region connected with designing, financing, construction and operation within 25 years of steam-gas power plant capacity of 240 MW and gas-piston power plant capacity of 230 MW in the Tashkent region (further - the Investment agreement in the Tashkent region);

e) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company in the Bukhara region (taking into account the subsequent accession to the agreement) the investment agreement providing the obligations of the Investor and the Project company in the Bukhara region connected with designing, financing, construction and operation within 25 years of gas-piston power plant capacity of 270 MW in the Bukhara region is signed on January 20, 2021 (further - the Investment agreement in the Bukhara region);

e) according to the Investment agreement in the Tashkent region and the Investment agreement in the Bukhara Investor, Project Company region in the Tashkent region and the Project company in the Bukhara region attract direct foreign investments in the amount of 450 million US dollars with acceptance on themselves possible risks;

g) between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Investor on January 20, 2021 are signed the Purchase agreement of electrical energy within the Investment project in the Tashkent region and the Purchase agreement of electrical energy within the Investment project in the Bukhara region (further - purchase agreements of electrical energy) in the new edition to take into consideration that according to these agreements:

The investor according to the corresponding purchase agreements of electrical energy yields the rights and obligations for benefit of the Project company in the Tashkent region and the Project company in the Bukhara region (further - the Project companies);

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

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

2. Approve the Investment agreement in the Tashkent region 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 in the Tashkent region and also the Investment agreement in the Bukhara region 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 in the Bukhara region.

Determine that the Investment agreement in the Tashkent region and the Investment agreement in the Bukhara region become effective according to the conditions specified in them.

3. Approve the purchase agreements of electrical energy signed within Investment projects as a result of direct negotiations between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company in the Tashkent region, and also between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company in the Bukhara region.

4. Resolve JSC Natsionalnye elektricheskiye seti Uzbekistana according to purchase agreements of electrical energy:

provision confirmed in foreign currency, the renewable, irrevocable and unconditional bank guarantee of commercial bank of the Republic of Uzbekistan for benefit of the Project companies as ensuring obligation fulfillment on covering of purchase of the electrical energy developed by the Project companies within three months;

take part in quality of the supplier of natural gas for requirements of Investment projects, and also establish the goods prices (works, services) realized in the territory of the Republic of Uzbekistan on the attracted foreign investments with binding to foreign currency.

5. Provide with JSC Uztransgaz the conclusion with JSC Natsionalnye elektricheskiye seti Uzbekistana of delivery agreements of natural gas to the Project companies according to the amounts and parameters provided in purchase agreements of electrical energy.

To the ministry of water economy to provide the conclusion with the Project companies of delivery agreements to them technical water according to the amounts and parameters provided in purchase agreements of electrical energy.

6. Permit the Project companies to open within implementation of Investment projects bank accounts in foreign banks for crediting, obtaining and use of means in foreign currency with implementation of payment of all taxes and obligatory payments, and also to list money from the bank accounts opened in the republic for the bank accounts opened abroad.

7. To khokimiyat of the Tashkent region together with the Agency according to the inventory under the State Tax Committee in a month in accordance with the established procedure to allocate to the Project company in the Tashkent region the parcel of land necessary for implementation of the Investment project in the Tashkent region, on conditions and for term, specified in the Investment agreement in the Tashkent region and the Purchase agreement of electrical energy.

Confer to khokimiyat of the Tashkent region power on allocation of the corresponding parcel of land for the Investment project in the Tashkent region in the territory of Research institution of selection, seed farming and agrotechnology of cultivation of cotton (further - institute).

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