of July 4, 2023 No. PP-207
About measures for implementation of the investment project "Construction of the Solar Photo-electric Station Capacity of 500 MW, Systems of Accumulating of Electrical Energy Capacity of 334 MW and the Substation Promoting Ensuring Its Functioning in Nurabadsky District of the Samarkand Region — Sazagan Solar 1"
For the purpose of stable providing the population and industries of economy with energy resources, reducing consumption of natural gas in case of power generation, and also broad attraction of direct foreign investments for expansion of scale of use of renewable energy resources:
1. Take into consideration that:
a) company "ACWA Power Company (Saudi Listed Joint Stock Company)" (Saudi Arabia) (further - the Investor) within the investment project "Construction of the Solar Photo-electric Station Capacity of 500 MW, Systems of Accumulating of Electrical Energy Capacity of 334 MW and the Substation Promoting Ensuring Its Functioning in Nurabadsky District of the Samarkand Region — Sazagan Solar 1" (further - the Investment project) in the Republic of Uzbekistan founds overseas enterprise in the form of ACWA Power Sazagan Solar 1 limited liability company (further - the Project company);
b) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments, the industry and trade, the Investor and the Project company the investment agreement (further - the Investment agreement) providing implementation by the Investor and the Project company is signed on April 19, 2023:
designings, financings, construction and operation of the solar photo-electric station capacity of 500 MW and systems of accumulating of electrical energy capacity of 334 MW in Nurabadsky district of the Samarkand region throughout the entire period of implementation of the Investment project;
attraction of direct foreign investments in the amount of by provisional estimate of only 758 million US dollars with acceptance on possible risks;
c) between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company the Purchase agreement of electrical energy (further - the Purchase agreement of electrical energy) on April 19, 2023 is signed according to which:
The project company assumed obligation on the guaranteed sale of the made electrical energy of JSC Natsionalnye elektricheskiye seti Uzbekistana;
The project company as ensuring proper execution of the obligations in the period of construction provided guarantee of the first-class foreign bank in the amount of 30 million US dollars;
The project company within the Investment project assumed obligation on construction of substation and overhead power transmission lines for connection of the solar photo-electric station to single electrical power network, after their commissioning - transfer of JSC Natsionalnye elektricheskiye seti Uzbekistana;
the construction of substation and overhead power transmission lines for connection of the solar photo-electric station to single electrical power network is performed by the Project company, and also the expenses spent for the specified works become covered by JSC Natsionalnye elektricheskiye seti Uzbekistana within 10 years on the basis of monthly payments;
The project company within the Investment project assumed obligation on construction of system of accumulating of electrical energy, after commissioning - coordination of its operating mode with dispatching management SUE Natsionalny dispetchersky center in case of the Department of Energy;
JSC Natsionalnye elektricheskiye seti Uzbekistana assumed obligation on the guaranteed purchase of electrical energy and implementation of payment for electrical energy in national currency within 25 years.
2. Within implementation of the Investment project:
approve the Investment agreement signed between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments, the industry and trade, the Investor and the Project company;
approve the Purchase agreement of electrical energy signed between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company.
3. Determine that according to the Investment agreement and the Purchase agreement of electrical energy during the term of their action payments on purchase of the electric power, on expenses for ready state to use system of accumulating of electrical energy and construction of overhead power transmission lines are performed on the flat fare denominated in foreign currency.
4. Provide to the Ministry of investments, industry and trade, to the Department of Energy and JSC Natsionalnye elektricheskiye seti Uzbekistana it is right on the conclusion of agreements on direct assignment of rights of the Project company and the Investor to other creditors who are taking part in financing of the Investment project, in case of non-execution of agreement obligations by the Project company, signed within implementation of the Investment project.
5. Resolve JSC Natsionalnye elektricheskiye seti Uzbekistana:
carrying out together with the Project company of selection and the conclusion of agreements with the international independent engineering companies and other consultants for implementation of the Investment project without conducting obligatory examination according to the procedures determined in the Purchase agreement of electrical energy;
opening of the confirmed in foreign currency, renewable letter of credit of foreign bank for benefit of the Project company as ensuring obligation fulfillment on purchase for three months by the made Project company of electrical energy.
6. Authorize the Minister of Economy and Finance to sign on behalf of the Government of the Republic of Uzbekistan the agreement with the foreign bank opening the letter of credit on compensation of its expenses in the form acceptable for the Government of the Republic of Uzbekistan, in case of obligation fulfillment of JSC Natsionalnye elektricheskiye seti Uzbekistana before the above-stated bank under guarantee of Asian Development Bank, World Bank or European Bank for Reconstruction and Development.
7. Provide to the Project company within implementation of the Investment project after payment of all taxes and fees the following rights within financing of the Investment project:
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 contract organizations, suppliers or foreign creditors outside the Republic of Uzbekistan without carrying out such payments through bank accounts in the Republic of Uzbekistan.
8. Determine that within the Investment project of regulation and the rule of accomplishment of the construction and land works connected with installation of photo-electric panels, and also designings of the bases of buildings and constructions are regulated by international standards according to provisions of the Purchase agreement of electrical energy.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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