RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 24, 2021 No. PP-5195

About measures for the organization of construction of gas-piston power plant capacity of 174 MW in the Khorezm region

For the purpose of increase in electricity generating capacity with attraction of direct foreign investments in electric power industry, and also stable providing the population and industries of economy 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 and the Hidro Enerji Elektrik Uretim Sanayi A.S. company (Republic of Turkey) (further - the Investor) implementation of the investment project on construction of gas-piston power plant by capacity of 174 MW in the Khorezm region is planned (further - the Investment project);

b) for the purpose of implementation of the Investment project by the Investor Odas Enerji SA LLC is created (further - the Project company);

c) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments and foreign trade, the Investor and the Project company sign on March 4, 2021 the investment agreement (further - the Investment agreement) according to which the Investor and the Project company perform:

designing, financing, construction and operation within 25 years of gas-piston power plant capacity of 174 MW in the Khorezm region;

attraction of direct foreign investments in the amount of 105 million US dollars with acceptance on possible risks;

d) within the Investment project between JSC Natsionalnye elektricheskiye seti Uzbekistana and the Project company the Purchase agreement of the electric power (further - the Purchase agreement of the electric power) on March 4, 2021 is signed according to which:

The project company as ensuring execution of the obligations up to standard in the period of construction provides the bank guarantee in the amount of 1, to 3 million US dollars;

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

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