RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of May 24, 2024 No. PP-189

About measures for implementation of the investment project "Construction of Solar Photopower Plant Capacity of 500 MW and Overhead Power Transmission Lines in the Papal District of the Namangan 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 broad attraction of direct foreign investments in expansion of scale of use of renewable energy resources:

1. Take into consideration that:

a) the Hyper Partners GmbH company (Germany) (further - the Investor) within the investment project "Construction of Solar Photopower Plant Capacity of 500 MW and Overhead Power Transmission Lines in the Papal District of the Namangan Region" (further - the Investment project) founds Next Solar Energy Group LLC (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 January 19, 2024 the investment agreement (further - the Investment agreement) providing implementation by the Investor and the Project company:

designings, financings, construction and operation of solar photopower plant capacity of 500 MW in the Papal district of the Namangan region throughout the entire period of implementation of the Investment project;

attraction of direct foreign investments in the amount of on predesigns of only 350 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 September 29, 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 bank in the amount of 30 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 solar photopower plant to single electrical power network, after commissioning - their voluntary conveyance of JSC Natsionalnye elektricheskiye seti Uzbekistana;

JSC Natsionalnye elektricheskiye seti Uzbekistana assumes obligation of the guaranteed purchase of electrical energy 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 Agreement signed between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company.

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 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.

4. 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.

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 this bank under guarantee of Asian Development Bank, World Bank or European Bank for Reconstruction and Development.

6. 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.

7. Agree with the offer of the Department of Energy, the Ministry of Agriculture, Ministry of water economy, the Ministry of Economics and finance and khokimiyat of the Namangan region on transfer in total of 1200 hectares of the pasturable parcels of land in the territory of the Papal district of the Namangan region allocated for implementation of the Investment project from category of lands of agricultural purpose in category of lands of the industry, transport, communication, defense and other appointment according to appendix.

8. To khokimiyat of the Namangan region:

a) in a month for implementation of the Investment project to provide allocation to the Department of Energy of the parcels of land corresponding to the conditions specified in the Investment contract and agreement with the right of permanent use.

At the same time to provide to the Department of Energy transfer to lease of the Project company of the corresponding parcels of land for construction of solar photopower plant for the period equal to the term of implementation of the Investment project;

b) together with the Department of Energy, the Ministry of Economics and finance, the Ministry of Agriculture and the Project company in six-months time to choose the parcels of land in the territory of the Namangan region, necessary for construction of overhead power transmission lines and constructions of electroinfrastructure and implementation of the Investment project, to bring amendments in borders of the chosen parcels of land, to take measures for establishment of the public servitude respectively and to entering of the offer into Government commission on consideration of questions of change of categories of land fund of lands of agricultural purpose and forest fund;

allocate to the Department of Energy the chosen parcels of land with the right of permanent use based on the project documentation submitted by the Project company.

Provide to Department of Energy transfer to lease of the Project company of the above-stated 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, the paid Project company, to the size of the land tax.

9. Determine that within implementation of the Investment project:

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