RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 22, 2024 No. PP-276

About measures for implementation of the investment project "Construction of Windfarm Capacity of 300 MW in Nuratinsky District of the Navoiy 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) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments, the industry and trade and the company "China Gezhouba Group Overseas Investment Co.Ltd." (People's Republic of China) (further - the Investor) within the investment project "Construction of Windfarm Capacity of 300 MW in Nuratinsky District of the Navoiy Region" (further - the Investment project) the investment agreement (further - the Investment agreement) on January 22, 2024 is signed according to which the Investor performs:

designing, financing, construction and operation of windfarm capacity of 300 MW in Nuratinsky district of the Navoiy region throughout the entire period of implementation of the Investment project;

attraction of direct foreign investments in the amount of on predesigns of only 390 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 Purchase agreement of electrical energy (further - the Agreement) on January 22, 2024 is signed according to which:

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

The investor provides guarantee of the first-class bank in the amount of 10, to 8 million US dollars as ensuring proper execution of the obligations in the period of construction;

JSC Natsionalnye elektricheskiye seti Uzbekistana assumes obligation of the guaranteed purchase of electrical energy and implementation of payment for the electric power 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 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 purchase of the electrical energy made by the Investor 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 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 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. To khokimiyat of the Navoiy region:

together with the Department of Energy, the Ministry of investments, the industry and trade, the Ministry of Agriculture and the Investor in three-months time within implementation of the Investment project to choose the parcels of land in the territory of Nuratinsky district of the Navoiy region, necessary for construction of windfarm and constructions of electroinfrastructure, to bring amendments in borders of the chosen parcels of land and to provide the offer to 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 Investor.

Provide to Department of Energy transfer to lease to the Investor 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 paid by the Investor to the size of the land tax.

8. Determine that within 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 accomplishment of the construction and land works connected with construction of windfarm and also designings of the bases of buildings and constructions are regulated by international standards according to the Agreement;

payments on the expenses spent for purchase of the electric power are performed in national currency on the flat fare denominated in foreign currency.

9. According to requests of the Investor within implementation of the Investment project to provide:

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, and also registration in the place of temporary stay and its prolongation to foreign specialists of the attracted contract organizations, and also members of their families;

To the ministry of employment and reducing poverty - issue (prolongation) in accordance with the established procedure confirmations on the right of implementation of labor activity in the territory of the Republic of Uzbekistan to foreign citizens.

10. To the ministry of investments, industry and trade to establish constant control behind implementation of the Investment project, and also accomplishment of obligations by the parties within the Investment contract and agreement.

11. In a month to issue to the Ministry of Justice the legal conclusions under the agreements signed according to the Investment agreement and its provisions within implementation of the Investment project.

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