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Aksa Energy Signed an Agreement with Uzbekistan Government to Establish a 240 MW Natural Gas Combined Cycle Power Plant

Aksa Energy Signed an Agreement with Uzbekistan Government to Establish a 240 MW Natural Gas Combined Cycle Power Plant


Turkey's global energy company Aksa Energy, which operates with power plants in 5 countries on 2 continents, has signed an agreement with the Ministry of Energy of Uzbekistan for the construction of a 240 MW natural gas combined cycle (CCGT) power plant in Tashkent, the capital of Uzbekistan, and sale of the energy generated in the plant based on a guaranteed capacity payment for a duration of 25 years.

Aksa Energy will relocate the necessary equipment from Antalya Ali Metin Kazancı Natural Gas Combined Cycle Power Plant, some of which had left the transmission system following the partial license cancellation in 2018, to Uzbekistan, and construct a 240-MW natural gas combined cycle power plant in Tashkent.

The plant will be operated for 25 years with a guaranteed-capacity payment set in USD, and the natural gas to be used for electricity generation at the plant will be provided by Uztransgaz, the natural gas supply company of Uzbekistan. The construction phase will start following site allocations, and commissioning of the plant is planned within maximum twelve months once the construction kicks-off.

Aksa Energy’s CCGT Plant to be constructed in Tashkent will generate approximately 2.0 billion kWh of electricity per year. This new power plant will contribute materially to energy diversification and savings strategy of the Government of Uzbekistan.

Expressing that they have taken important steps in the field of energy efficiency and sustainability with various investment agreements signed in the field of energy in recent years, Uzbekistan Energy Minister Alisher Sultanov said: "“We are extremely busy working to strengthen Uzbekistan’s energy security. We aim to increase resource diversity by using our own resources. With the agreement that we signed with Aksa Energy, we continue to take firm steps forward in this area. This new collaboration is extremely important both increasing stability in electricity supply and using our natural gas resources efficiently.”

As an independent power producer which established and operated more than 30 power plants in Turkey so far, Aksa Energy Chairman and CEO Cemil Kazancı stated that they have focused on foreign investments in line with the globalization strategy in recent years.  Mr. Kazancı also stated that “We cancel the licenses some of our power plants with declining competitive advantages in Turkey, and use the equipment of these power plants in our foreign investments. We have established power plants in 3 African countries with a short period, as 6-9 months, by using our own equipment. With the same business model, we have signed a very important cooperation with the Uzbekistan Government that will continue for a long time. We signed a 25-year agreement for the 240 MW Natural Gas Combined Cycle Power Plant that will establish in Tashkent. With this agreement, we will contribute to the people of Uzbekistan to reach an efficient energy supply. As a global company that produces energy in 6 countries on 2 continents with our cooperation in Uzbekistan, we will continue to pursue new investment opportunities in all geographies from Latin America to Asia. "