Uzbekistan brings together top global energy corporations and investors for a CCGT PPP project in Syrdarya region

Tashkent, Uzbekistan, March 5, 2020—the PPP Development Agency under the Ministry of Finance and the Ministry of Energy of Uzbekistan, in cooperation with IFC, a member of the World Bank Group, organized an international investor conference on the Syrdarya CCGT public-private partnership project, which brought together project developers, financial institutions, and other stakeholders.
A new US$ 1.1 billion 1300 MW capacity thermal power plant (TPP) under a public-private partnership (PPP) terms will be erected in the Syrdarya province, with the commissioning of the TPP scheduled in 2022.
More than 30 potential investors from Japan, South Korea, China, the Middle East, and Europe, who had expressed interest in PPP power projects in Uzbekistan, as well as a number of financing institutions, EPC contractors and consultants, took the opportunity to learn more about the project’s scope and transaction structure, Uzbekistan’s power sector and its PPP regulatory framework. The list of the companies includes but not limited with top global energy corporations such as Sumitomo, Mitsui, Hyundai, EDF, Daewoo, Mitsubishi, Marubeni, Siemens and others.
“The competitive bidding process for this large-scale project will allow the Government to attract interest from a number of market-leaders from across the world. The investor conference is an important step toward ensuring that the tender process is transparent and competitive. This will increase investor confidence in Uzbekistan and have a long-term positive impact on the country’s investment climate,” said Wiebke Schloemer, IFC Director for Europe and Central Asia.

Golib Kholjigitov, deputy Minister of Finance and the director of the Agency for Development of Public-Private Partnerships under the Ministry of Finance, said, “Investment in Syrdarya CCGT generation is an essential part of the overall strategy to tackle the challenges faced by Uzbekistan’s power sector. It will contribute to revitalizing generation.”

Deputy Director of the Project Office of the Ministry of Energy of the Republic of Uzbekistan, Bahrom Umarbekov, said, “We were pleased to video-host such a distinguished group of guests at our Investment Conference in Tashkent, all of whom recognize the steps we are taking to reform our energy sector. They have demonstrated by their attendance, their continued interest in joining us on this journey. The successful implementation of this public-private partnership will increase the stability of electricity supply and further ensure the efficient use of natural gas.”

The government of Uzbekistan had announced a two-stage tender for the Syrdarya CCGT power-plant PPP. A private partner will be selected through a competitive tender to enter into a long-term agreement with the government to finance, design, build, operate, maintain, and transfer the plant. As transaction adviser, IFC is supporting the government to structure a public-private partnership that will attract qualified private sector investors to develop the project and allocate risk appropriately between public and private sectors. The tender is scheduled to be announced in early 2020, with the winner to be announced in the year-end.
Consulting services for the project is being provided by the International Finance Corporation. The relevant agreement between the IFC, the PPPDA under the Ministry of Finance of Uzbekistan and the Ministry of Energy was signed in Tashkent on October 1.

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