Tashkent, Uzbekistan (UzDaily.com) -- A new combined-cycle power plant with a capacity of 1,573 MW will be built in Bayaut district of Syrdarya region.

The President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures to implement the investment project “Construction of a combined cycle power plant with a capacity of 1,573 MW in Bayaut district of Syrdarya region”.

The document notes that with the financial and technical assistance of the International Finance Corporation, the process of selecting an investor for the implementation of the investment project "Construction of a combined cycle power plant with a capacity of 1,573 MW in Bayaut district of Syrdarya region" has been completed.

According to the results of international tenders held as part of the implementation of the investment project, the consortium of companies EDF International S.A.S. (France), Nebras Power Investment Management B.V. (Qatar), Sojitz Corporation (Japan) and Kyuden International Corporation (Japan) were declared the winner.

In order to implement the investment project, the investor in the Republic of Uzbekistan created a foreign enterprise Enersok.

An investment agreement was signed between the Government of the Republic of Uzbekistan represented by the Ministry of Investments and Foreign Trade, the investor and the project company on 16 February 2022.

Under the agreement, the investor and the project company carry out the design, financing, construction and operation of the combined cycle power plant throughout the entire period of the investment project.

The investor and the project company will also attract foreign direct investment in the amount of an estimated US$875 million with the assumption of possible risks.

On 16 February 2022, the National Electric Grids of Uzbekistan and the project company signed an agreement on the purchase of electricity, and on 1 December 2022, an agreement was signed.

Under this agreement, the project company assumes the obligation to guarantee the sale of the generated electrical energy to National Electric Grids of Uzbekistan.

The project company provides a guarantee from a first-class foreign bank as security for the proper performance of its obligations during the construction period in the amount of US$80 million.

Also, the project company assumes the obligation to build and transfer to National Electric Networks of Uzbekistan overhead power lines to connect the combined cycle power plant to a single electric power grid after they are put into operation as part of the Investment Project.

National Electric Grids of Uzbekistan assumes obligations of guaranteed purchase of electric energy and payment for electric energy in the national currency for 25 years.

The resolution of the President notes that the cost of the tariff for 1 kilowatt / hour of electricity generated as part of the implementation of the investment project is set in foreign currency in the amount provided for by agreements on the purchase of electricity, and also allow linking payment rates to the US dollar.

For the implementation of the project, a land plot of 61.9 hectares was allocated in Bayaut district of Syrdarya region.