RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of February 2, 2021 No. PP-4971

About measures for the organization of construction of the next thermal power plant capacity of 240 MW in the Tashkent region

For the purpose of increase in capacities on production of electrical energy with attraction of direct foreign investments in electric power industry, and also stable and high-quality providing industries of economy and the population with energy resources:

1. Take into consideration that:

a) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade of the Republic of Uzbekistan, the company "CENGIZ ENERJI SAN. VE TIC A.S." (Republic of Turkey) (further - the Investor) and Cenergo LLC (further - the Project company) is signed the investment agreement providing the obligations of the Investor and the Project company connected with designing, financing, construction and operation within 25 years of steam-gas power plant capacity of 240 MW in the Tashkent region (further - the Investment project);

b) between JSC Natsionalnye elektricheskiye seti Uzbekistana (further - JSC NESU) and the Project company signs the Purchase agreement of electrical energy according to which:

The project company assumes obligation of the guaranteed sale of the developed electrical energy to the single buyer - JSC NESU;

JSC NESU in accordance with the terms of the Purchase agreement of electrical energy assumes obligation of the guaranteed purchase of electrical energy within 25 years and makes payment for electrical energy in national currency;

JSC NESU as ensuring obligation fulfillment represents to advantage of the Project company the confirmed, renewable, irrevocable and unconditional bank guarantee in foreign currency for covering of purchase of electrical energy within three months.

2. Approve the Investment agreement signed between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company.

3. Approve the Purchase agreement of electrical energy signed between JSC NESU and the Project company.

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