The document was adopted for further developing generation capacities, introducing modern energy saving technologies, and raising reliability of energy supply to consumers in Uzbekistan.

Within the implementation of investment project, Uzbekenergo state joint stock company and consortium of SYNECTA a.s. (Slovak Republic) and ISTROENERGO GROUP a.s. (Slovak Republic) in cooperation with SNC Lavalin Polska, Sp.zo.o. (Poland) on engineering, purchase and construction of combined-cycle plant with the capacity of 370 megawatt at Tashkent thermal power station.

SYNECTA Central Asia, registered in Uzbekistan, will carry out function of construction direction on behalf of the consortium, the resolution said.

According to the document, Uzbekenergo and State Development Bank of China signed a loan agreement on 8 August 2012 for US$220 million to co-finance the project.

The project cost is US$511.859 million. According to the resolution, Fund for Reconstruction and Development of Uzbekistan will issue US$76.2 million loan to finance the project. The loan will be refinance by National Bank of Uzbekistan for Foreign Economic Activity. The loan is issued for 10 years with grace period of three years. The interest rate of loan is 2.5% APR with refinancing margin at the size of 0.5% APR.

State Development Bank of China allocated loan for US$220 million. The loan was attracted by Uzbekenergo under guarantee of NBU. The loan issued for 15 years with a grace period of three years. Interest rate is equal to six month LIBOR rate plus 3.6% APR.

SYNECTA a.s also presented commodity loan for US$68.976 million under guarantee of Turonbank. The loan was issued for four years with interest rate of 0.75% APR.

The resolution said that Uzpromstroybank issued loan for 50 billion soums (US$26.943 million). The loan was issued for 10 years with a grace period of three years. Interest rate is equal to 12% APR.

Japan International Cooperation Agency issued US$2.037 million loan for consulting services. The loan was issued for 40 years with a grace period of 10 years. Interest rate is set at 0.75% APR.

Uzbekenergo will also direct US$117.703 million of own resources to implementation of the project.

According to the resolution, Uzbekenergo is borrower and executive body within the project. It will also responsible for targeted and effective use of borrowed funds and payment of interest rates. Uzbekenergo will repay loans and interest rates on attracted loan resources.

The Government entrusted Uzbekenergo, Uzpromstroybank and NBU to make payments for US$296.2 million in hard currency to SYNECTA Central Asia within the signed contract.

In line with the request of SYNECTA a.s. and ООО SYNECTA Central Asia, they will also pay for services and goods, procured within the project. The payments will be conducted in national and hard currencies.

Uzbekenergo was entrusted to finance other contingency f expenses, including difference in exchange rates, due to own resources.

The Government, as exception, provided right to Uzbekenergo and consortium to carry out construction and assembly works along with development of project documentation till 1 September 2013. It also allowed to procure goods, production of which require more than 180 days.

Cabinet of Ministers entrusted Uzbekenergo and State Property Committee of Uzbekistan to register pledge for attracted loans and guarantees.

The document said that shares of New Angren thermal power station and Ferghana combined heat power plant, owned by Uzbekenergo, will be handed over to NBU as pledge on attracted loan.

Turonbank will receive shares of Namangan Territorial Electric Networks Enterprise, owned by Uzbekenergo, as pledge on commodity loan.

Uzbekenergo was ordered to select international engineering company within two months and sign agreement on technical support of the project.

The Government of Uzbekistan also provided customs and tax privileges to participants of the project.