RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of January 22, 2024 No. PP-36

About measures for implementation of the investment project "Construction of Windfarm Capacity of 600 MW and Overhead Power Transmission Line in Gizhduvansky District of the Bukhara Region"

For the purpose of stable providing with energy resources the population and industries of economy, reducing consumption of natural gas in case of power generation, and also active attraction of direct foreign investments in expansion of scale of use of renewable energy resources:

1. Take into consideration that:

a) companies "China Energy (Beijing) International Power Energy Co., Ltd" and "Liaoning Lide (SG) Investment Holdings Group Pte. Ltd" (People's Republic of China) (further - the Investor) within the Investment project "Construction of Windfarm Capacity of 600 MW and Overhead Power Transmission Line in Gizhduvansky District of the Bukhara Region" (further - the Investment project) is founded by SP Sho LLC rkul Wind" (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 signed on September 28, 2023 the investment agreement (further - the Investment agreement) providing implementation by the Investor and the Project company:

designings, financings, construction and operation of windfarm capacity of 600 MW in Gizhduvansky district of the Bukhara region throughout the entire period of implementation of the Investment project;

attraction of direct foreign investments in the amount of on predesigns of only 700 million US dollars with acceptance on possible risks;

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 Agreement) on August 10, 2023 is signed according to which:

The project company assumes obligation of the guaranteed sale of the made electrical energy of JSC Natsionalnye elektricheskiye seti Uzbekistana;

The project company provides guarantee of the first-class foreign bank in the amount of 21, to 6 million US dollars as ensuring proper execution of the obligations in the period of construction;

The project company within the Investment project assumes obligation on construction of overhead power transmission lines for connection of windfarm to single network of the electric power, after commissioning - their transfer to JSC Natsionalnye elektricheskiye seti Uzbekistana;

the expenses spent for the overhead power transmission lines constructed by the Project company become covered by JSC Natsionalnye elektricheskiye seti Uzbekistana within 10 years on the basis of monthly payments;

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

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 contract and agreement during the term of their action payments on the expenses spent for purchase of the electric power 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:

attraction together with the Project company of the international independent engineering companies and other consultants for implementation of the Investment project according to the procedures determined in the Agreement with the conclusion of direct agreements;

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

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 construction and the earthwork connected with construction of windfarm, and also designing of the bases of buildings and constructions are regulated by international standards according to Agreement provisions.

9. Agree with the offer of khokimiyats of the Bukhara, Samarkand and Navoiy regions on transfer of the parcels of land in the territories of the Bukhara, Samarkand and Navoiy regions allocated for implementation of the Investment project together with the Department of Energy, the Ministry of the investments, the industry and trade, the Ministry of Agriculture and the Ministry of water economy corresponding to the conditions specified in the Investment contract and agreement based on the project documentation submitted by the Project company after completion of works on designing from category of not irrigated lands of agricultural purpose in category of lands of the industry, transport, communication, defense and other appointment.

10. To khokimiyats of the Bukhara, Samarkand and Navoiy regions based on the project documentation submitted by the Project company after completion of works on designing and also proceeding from coordinates of the lands occupied with the parcels of land and land necessary for construction of the overhead power transmission lines and constructions of electroinfrastructure providing functioning of windfarm to provide their allocation to the Department of Energy on the right of permanent use.

Provide to Department of Energy transfer to lease of the Project company of the parcels of land allocated based on this Item for the period equal to the term of implementation of the Investment project.

Within implementation of the Investment project:

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