In May 2020, Aksa Energy signed an agreement with the National Electric Grid of Uzbekistan (NEGU), affiliated with the Ministry of Energy of Uzbekistan, which includes the establishment of a 240 MW natural gas combined cycle power plant in Tashkent, the capital of Uzbekistan, and the sale of the electricity generated at the power plant for 25 years in return for a guaranteed capacity charge. The aforementioned agreement has been amended with a 230 MW capacity increase as of January 20, 2021; in addition to this agreement, another agreement was signed for the establishment of a natural gas combined cycle power plant with an installed capacity of 270 MW in Bukhara. Within this scope:
• In the current location in Tashkent, a natural gas combined cycle power plant with an installed capacity of 230 MW will be established in addition to the natural gas combined cycle power plant with an installed capacity of 240 MW. The Agreement as amended includes the sale of the electricity generated in both power plants to be established in Tashkent for 25 years in return for a guaranteed capacity charge.
• A natural gas combined cycle power plant with an installed capacity of 270 MW will be established in Bukhara, southwest of Tashkent. The Additional Agreement includes the sale of the electricity generated in the power plants to be established in Bukhara for 25 years in return for a guaranteed capacity charge.
Natural gas combined cycle power plants in Uzbekistan, featuring a total installed capacity of 470 MW in Tashkent, and an installed capacity of 270 MW in Bukhara, are planned to be commissioned during the last quarter of 2021. With the realization of these investments, a total installed capacity of 740 MW will be reached in Uzbekistan.
