RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of February 29, 2024 No. PP-93

About measures for implementation of the investment project "Construction of System of Accumulating of Electrical Energy Capacity of 150 MW (300 MW/hour) in Asakinsky District of the Andijan Region"

For the purpose of diversification of sources of production of electricity, stable providing the population and industries of economy with energy resources:

1. Take into consideration that:

a) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments, the industry and trade and the China Gezhouba Group Overseas Investment Co. LTD company (People's Republic of China) (further - the Investor) within the Investment project "Construction of System of Accumulating of Electrical Energy Capacity of 150 MW (300 MW/hour) in Asakinsky District of the Andijan Region" (further - the Investment project) the investment agreement (further - the Investment agreement) providing implementation by the Investor is signed on December 27, 2023:

designings, financings, construction and operation of system of accumulating of electrical energy capacity of 150 MW (300 MW/hour) in Asakinsky district of the Andijan region throughout the entire period of implementation of the Investment project;

attraction of direct foreign investments in the amount of on predesigns of only 144 million US dollars with acceptance on possible risks;

b) as a result of direct negotiations between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Investor the Agreement on services of accumulating of electrical energy (further - the Agreement) on December 27, 2023 is signed according to which:

The investor assumes obligation of secured provision of readiness for operation of system of accumulating of electrical energy;

The investor provides guarantee of the first-class bank in the amount of 5, to 4 million US dollars as ensuring proper execution of the obligations in the period of construction;

The investor within the Investment project assumes obligation of construction of power lines for connection of system of accumulating of the electric power to single network of the electric power, after their commissioning - transfer of JSC Natsionalnye elektricheskiye seti Uzbekistana;

the expenses spent for the power lines built by the Investor become covered by JSC Natsionalnye elektricheskiye seti Uzbekistana on the basis of monthly payments within 5 years;

JSC Natsionalnye elektricheskiye seti Uzbekistana assumes obligation on the guaranteed implementation of payments for operation of system of accumulating of the electric power within 13 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 and the Investor;

approve the Agreement signed between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Investor.

3. 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 Investor to other creditors who are taking part in financing of the Investment project in case of non-execution by the Investor of agreement obligations signed within implementation of the Investment project.

4. Resolve JSC Natsionalnye elektricheskiye seti Uzbekistana:

attraction together with the Investor 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 Investor as ensuring obligation fulfillment on payment for operation of system of accumulating of the electric power for three months.

5. 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.

6. Provide to the Investor 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 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.

7. To khokimiyat of the Andijan region:

together with the Department of Energy, the Ministry of investments, the industry and trade, the Ministry of Agriculture and the Investor to choose, bring amendments in borders in a month and to provide to Government commission on consideration of questions of change of categories of land fund of lands of agricultural purpose and forest fund the offer on the parcels of land in the territory of Asakinsky district of the Andijan region, necessary for construction of system of accumulating of electrical energy, power lines and constructions of electric infrastructure for the purpose of implementation of the Investment project;

allocate to the Department of Energy the chosen parcels of land with the right of permanent use based on the project documentation provided by the Investor.

Provide to Department of Energy transfer to lease to the Investor of the specified parcels of land for the period equal to the term of implementation of the Investment project.

At the same time to equate the amount of the rent for the parcels of land paid by the Investor to the size of the land tax.

8. Determine that in case of implementation of the Investment project:

The Department of Energy is exempted from compensation of losses of agricultural production (compensation payments) for use (change of category) of lands of agricultural purpose;

regulations and rules of construction and accomplishment of the land works connected with system of accumulating of electrical energy of designing of the bases of buildings and constructions according to the Agreement are regulated by international standards;

payments for operation of system of accumulating of the electric power are made in national currency on the flat fare denominated in foreign currency.

9. Provide according to requests of the Investor within implementation of the Investment project:

To the Ministry of Foreign Affairs - registration in accordance with the established procedure entrance visas to the involved foreign specialists, if necessary - at the International airport "Tashkent" of Islam Karimov;

To the Ministry of Internal Affairs - issue and prolongation of effective period of reusable visas, registration in the place of temporary stay and its prolongation to foreign specialists of the attracted contract organizations, and also members of their families;

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