RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of February 23, 2021 No. PP-5003

About measures for implementation of the Investment project "Construction of Windfarm Capacity of 500 MW in Gizhduvansky District of the Bukhara Region"

For the purpose of ensuring development of renewable energy, reduction of consumption of natural gas in case of production of electrical energy, production diversification, and also broad attraction of direct foreign investments in electric power industry:

1. Take into consideration that:

a) the International Company for water and power projects company (Saudi Arabia) (further - the Investor) within the Investment project "Construction of Windfarm Capacity of 500 MW in Gizhduvansky District of the Bukhara Region" (further - the Investment project) in the Republic of Uzbekistan founds ACWA Power Bash Wind LLC (further - the Project company);

b) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company the Investment agreement (further - the Investment agreement) providing capture by the Investor and the Project company of obligations, according to which is signed on January 24, 2021:

designing, financing, construction and operation of windfarm capacity of 500 MW in Gizhduvansky district of the Bukhara region (further - VES) are performed throughout the entire period of implementation of the Investment project;

attraction of direct foreign investments on the amount on predesigns of 650 million US dollars is performed with acceptance of possible risks on itself;

c) as a result of direct negotiations between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company the Purchase agreement of electrical energy (further - the Purchase agreement of electrical energy) on January 24, 2021 is signed according to which:

The project company assumes obligation of the guaranteed sale of the made electrical energy to the single buyer on behalf of JSC Natsionalnye elektricheskiye seti Uzbekistana;

The project company provides the bank guarantee on proper execution of the obligations in the period of construction in the amount of 18 million US dollars;

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