RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of March 18, 2022 No. PP-169

About measures for project implementation "Construction and operation of windfarm capacity of 100 MW in Karauzyaksky district of the Republic of Karakalpakstan on the basis of conditions of public-private partnership"

For the purpose of development of production of electrical energy from renewable energy resources by means of broad attraction of direct foreign investments in electric power industry on the basis of conditions of public-private partnership, and also steady providing with energy resources the population and industries of economy:

1. Take into consideration that by results of the international tender for financing of the "Construction and Operation of Windfarm Capacity of 100 MW in Karauzyaksky District of the Republic of Karakalpakstan on the basis of Conditions of Public-private Partnership" project (further - the Project) on the basis of the Law of the Republic of Uzbekistan "About public-private partnership" with assistance of the European Bank for Reconstruction and Development (further - the EBRD), and also designing, construction, start and testing, ownership, maintenance and operation, delivery (realization) of the made electric power, construction of overhead power transmission lines and other electroconstructions for accession of windfarm to single system of power industry:

a) the ACWA POWER-Saudi Listed Joint Stock Company company (Saudi Arabia) is recognized as the winner of the tender (further - the Winner of the tender);

b) The winner of the tender for project implementation as the private partner founds SP ACWA Power Wind Karatau LLC (further - the Project company) in the Republic of Uzbekistan;

c) on behalf of the Government of the Republic of Uzbekistan on behalf of the Ministry of Finance, the Winner of the tender and the Project company sign on December 17, 2021 the Agreement on the state support according to which:

The winner of the tender yields the rights and obligations under this agreement for benefit of the Project company;

The project company performs designing, financing, construction and operation of windfarm capacity of 100 MW in Karauzyaksky district of the Republic of Karakalpakstan throughout the entire period of project implementation;

The project company for project implementation attracts direct foreign investments in the amount of 40, of 1 million US dollars at the expense of own means and 67, of 7 million US dollars at the expense of the loan provided by the international financial institutions with acceptance on itself possible risks;

d) between JSC Natsionalnye elektricheskiye seti Uzbekistana (further - the State partner) and the Project company the Purchase agreement of the electric power according to which the Project company assumes liabilities on is signed on December 17, 2021:

to provision of the bank guarantee of the first-class foreign bank in the amount of 20 million US dollars as ensuring execution of the obligations in the period of construction at the proper level;

to the guaranteed sale of the made electrical energy to the State partner;

to construction of aerial lines of electricity transmission, the raising substation and switching Item for connection of windfarm to single electrical power network and transfer to their State partner after commissioning - within the Project.

2. Approve the Agreement on the state support signed on December 17, 2021 between the Ministry of Finance, the Winner of the tender and the Project company and to consider this agreement become effective from the date of publication of this resolution.

3. Determine that in accordance with the terms of the Purchase agreement of electrical energy during project implementation the electrical energy is bought on the flat fare denominated in US dollars (2, the 5695th cent of the USA for 1 kilowatt hour of electrical energy) and is paid in national currency.

4. To Council of Ministers of the Republic of Karakalpakstan 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 aerial lines of the electricity transmission ensuring functioning of windfarm proceeding from the coordinates of the earth occupied with constructions of electric infrastructure, corresponding to the conditions specified in the Agreement on the state support and the Purchase agreement of electrical energy in a month.

To provide to Department of Energy according to this Item transfer to lease:

The project company - the parcel of land allocated for construction of windfarm for the period equal to project deadline;

To the state partner - the land area allocated for construction of aerial lines of electricity transmission and constructions of electric infrastructure.

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 from compensation of losses of agricultural production (compensation payments) when using lands of agricultural purpose within project implementation.

5. Permit the State partner to involve together with the Project company in project implementation the international independent engineering companies according to the procedure established by the Purchase agreement of electrical energy.

6. Permit the Project company for the purpose of project implementation according to the legislation of the Republic of Uzbekistan after payment of all taxes which are subject to payment:

open and dispose in accordance with the established procedure of bank settlement accounts in authoritative foreign banks outside the Republic of Uzbekistan for crediting, obtaining (including credit receipts in foreign currency) and uses of foreign currency cash;

list money from accounts in the Republic of Uzbekistan into accounts outside the Republic of Uzbekistan for the purpose of repayment of the credits attracted from the international financial institutions;

make payments to foreign contractors, suppliers or foreign creditors outside the Republic of Uzbekistan directly from foreign bank accounts of the Project company without carrying out such payments through bank accounts in the Republic of Uzbekistan - in each case according to requirements of the international financial institutions and at the expense of the transferred funds;

7. Issue to the Ministry of Justice the legal conclusions under the Agreement on the state support.

8. To the Ministry of Foreign Affairs according to visa requests of the Project company to provide in accordance with the established procedure execution of entrance visas to the foreign specialists involved within project implementation and members of their families, in need of the Tashkent international airport of Islam Karimov.

9. Grant the right to the conclusion:

To the Ministry of Finance - on behalf of the Government of the Republic of Uzbekistan of the sovereign agreement on compensation guarantee with the European Bank for Reconstruction and Development on the basis of agreements on the state support and purchase of electrical energy intended for support of obligations according to the guaranteed letter of credit of the EBRD on the Project, on form and content satisfying the parties respectively;

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