Tashkent, Uzbekistan (UzDaily.com) - The Dutch company Stone City Energy will build a new thermal power plant (TPP) in the Surkhandarya region. The project cost is USnewscat="%".2 billion.
President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures to organize the construction of a combined cycle power plant with a capacity of 1500-1600 MW in Surkhandarya region.”
The head of Uzbekistan approved the investment agreement signed between the Government of the Republic of Uzbekistan represented by the Ministry of Investment and Foreign Trade, the Investor and the Project Company.
The document states that on 26 September 2020, a document was signed between the Ministry of Investment and Foreign Trade, the Ministry of Finance, the Ministry of Economic Development and Poverty Reduction, the Ministry of Energy, the Agency for the Development of Public-Private Partnerships and Stone City Energy, reflecting the main terms of the implementation agreement an investment project for the construction of a combined-cycle power plant with a capacity of 1,500-1,600 MW in the Surkhandarya region worth USnewscat="%".2 billion through foreign direct investment.
In order to implement the investment project, the investor established SCE Quvvat LLC.
On 22 April 2021, an Investment Agreement was signed between the Government of the Republic of Uzbekistan represented by the Ministry of Investment and Foreign Trade, the Investor and the Project Company, according to which the Investor and the Project Company carry out:
design, financing, construction and operation for 25 years of a combined-cycle power plant with a capacity of 1,500-1,600 MW in Surkhandarya region;
attraction of direct foreign investments in the amount of USnewscat="%".2 billion with the assumption of possible risks.
Within the framework of the Investment project, an Agreement on the purchase of electricity was signed between the National Electric Grids of Uzbekistan JSC and the Project Company on 22 April 2021.
The project company, as a security for the fulfillment of its obligations at the proper level during the construction period, provides a bank guarantee in the amount of US million.
The project company assumed the obligation of guaranteed sale of the generated electricity to a single buyer represented by National Electric Grids of Uzbekistan.
In accordance with the terms of the Agreement on the Purchase of Electricity, National Electric Grids of Uzbekistan undertakes the obligation of guaranteed purchase of electricity and payment for electricity in national currency for 25 years.
National Electric Grids of Uzbekistan, as a security for the fulfillment of its obligations to cover the purchase of electricity, provides the Project Company with a preferential, unconditional, non-reimbursable bank guarantee in foreign currency within three months.
According to the Stone City Energy website, the company was established in May 2019. The company is headquartered in Rotterdam.
The company serves as the base for a consortium that will finance, design, build and operate combined cycle gas turbine power plants in Uzbekistan.
