RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of December 30, 2022 No. PP-464

About measures for implementation of the investment project "Construction of Steam-gas Power Plant Capacity of 1 573 MW in Bayautsky District of the Syr Darya Region"

For the purpose of building-up of electricity generating capacity with attraction of direct foreign investments in electric power industry, and also stable providing the population and industries of economy with energy resources:

1. Take into consideration that:

a) with financial and technical assistance of the International Finance Corporation selection process of the investor for implementation of the investment project "Construction of Steam-gas Power Plant Capacity of 1 573 MW in Bayautsky District of the Syr Darya Region" is complete (further - the Investment project);

b) by results of the international tenders held within implementation of the Investment project, consortium of the companies "EDF International S.A.S." (France), "Nebras Power Investment Management B.V." (Qatar), "Sojitz Corporation" (Japan) and "Kyuden International Corporation" (Japan) (further - the Investor) is recognized as the winner;

c) for the purpose of implementation of the Investment project by the Investor in the Republic of Uzbekistan the Enersok overseas enterprise in the form of limited liability company is created (further - the Project company);

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 the investment agreement (further - the Investment agreement) on February 16, 2022 is signed according to which the Investor and the Project company perform:

designing, financing, construction and operation of steam-gas power plant capacity of 1 573 MW in Bayautsky district of the Syr Darya region throughout the entire period of implementation of the Investment project;

attraction of direct foreign investments in the amount of by provisional estimate of 875 million US dollars with acceptance on possible risks;

e) between JSC Natsionalnye elektricheskiye seti Uzbekistana (further - JSC NES Uz) and the Project company signs on February 16, 2022 the Purchase agreement of electrical energy (further - the Purchase agreement of electrical energy), and also the Agreement providing modification of the Purchase agreement of electrical energy, according to which is signed on December 1, 2022:

The project company assumes obligation of the guaranteed sale of the made electrical energy of JSC NES Uz;

The project company provides guarantee of the first-class foreign bank as ensuring proper execution of the obligations in the period of construction in the amount of 80 million US dollars;

The project company assumes obligations of construction and transfer of JSC NES Uz of overhead power transmission lines for connection of steam-gas power plant to single electrical power network after their commissioning within the Investment project;

JSC NES Uz assumes obligations 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 signed between the Ministry of investments and foreign trade on behalf of the Government of the Republic of Uzbekistan, the Investor and the Project company.

3. Approve the purchase agreements of electrical energy signed between JSC NES Uz and the Project company.

4. Determine that rate cost for 1 kilowatt/hour of the electrical energy developed within implementation of the Investment project is established in foreign currency in the amount of, provided by purchase agreements of electrical energy, and also to resolve binding of rates of payments to US dollar.

5. Provide to the Ministry of investments, industry and trade, to the Department of Energy and JSC NES Uz it is right on the conclusion with the Investor, the Project company and creditors who are taking part in financing of the Investment project, direct agreements on concession to the creditors of the rights of the Project company and the Investor in case of non-execution of agreement obligations by the Project company signed within implementation of the Investment project.

6. Resolve JSC NES Uz:

carrying out together with the Project company of selection and the conclusion of agreements with the international independent engineering companies and other consultants for the purpose of implementation of the Investment project without carrying out the tender and obligatory examination according to the procedures determined by purchase agreements of electrical energy;

opening of the renewable letter of credit of foreign bank confirming in foreign currency for benefit of the Project company as ensuring obligation fulfillment for covering of purchase by the made Project company of electrical energy for three months.

7. To provide to the ministry of water economy and JSC UzGasTrade the conclusion with JSC NES Uz of agreements on delivery of the Project company of natural gas and technical water according to the amounts and parameters provided by purchase agreements of the electric power.

At the same time to determine that suppliers of natural gas and technical water if other is not provided by the agreement, bear responsibility to JSC NES Uz in recourse procedure according to the legislation according to the obligation of compensation of JSC NES Uz of the Project company of the caused losses, including any obligations on payment of penalties and amounts of lost profit resulting from lack of supply of natural gas and technical water because of the Ministry of water economy and JSC UzGasTrade.

8. Authorize the Minister of Economy and Finance to sign on behalf of the Government of the Republic of Uzbekistan with the World Bank the agreement on expense recovery of the World Bank in the form acceptable for the Government of the Republic of Uzbekistan, in case of execution of JSC NES Uz of payment obligations to the foreign bank opening the letter of credit under guarantee of the World Bank.

9. Provide to JSC NES Uz the beginning of works on construction of overhead power transmission lines for connection of steam-gas power plant to single electrical power network within the Investment project.

10. Provide to the Project company within implementation of the Investment project after payment of all taxes and fees which are subject to payment according to the requirements of risk management which are traditionally applied by foreign creditors when financing projects, the following rights:

open bank accounts in foreign banks abroad for receipt of the credits, obtaining and use of foreign currency cash (including credit receipts in foreign currency);

to directly make payments to foreign contractors, suppliers or foreign creditors outside the Republic of Uzbekistan without carrying out such payments through bank accounts in the Republic of Uzbekistan.

11. Transfer the parcels of land Ploshchad 60, of hectare in Bayautsky district of the Syr Darya region allocated for placement of the Investment project from category of lands of agricultural purpose to category of lands of industrial function according to appendix.

To provide to khokimiyat of the Syr Darya region till the end of 2023 development of new lands of agricultural purpose, with the area equal to the fivefold size of the parcels of land which category is changed according to this resolution.

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