RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of October 5, 2023 No. PP-326

About measures for implementation of the investment project "Construction of Windfarm Capacity of 500 MW, Systems of Accumulating of the Electric Power Capacity of 100 MW, Substations Capacity of 500 KV and Overhead Power Transmission Lines in Kungradsky District of the Republic of Karakalpakstan (Kungrad Wind 2)"

For the purpose of stable providing with energy resources the population and industries of economy of the Republic of Karakalpakstan, reducing consumption of natural gas in case of power generation, and also broad attraction of direct foreign investments in expansion of scale of use of renewable energy resources:

1. Take into consideration that:

a) company "ACWA Power Company (Saudi Listed Joint Stock Company)" (Saudi Arabia) (further - the Investor) within the investment project "Construction of Windfarm Capacity of 500 MW, Systems of Accumulating of the Electric Power Capacity of 100 MW, Substations Capacity of 500 KV and Overhead Power Transmission Lines in Kungradsky District of the Republic of Karakalpakstan (Kungrad Wind 2)" (further - the investment project) in the Republic of Uzbekistan founds SP ACWA Power Kungrad Wind 2 LLC (further - the Project company);

b) between the Government of the Republic of Uzbekistan on behalf of the Ministry of investments, the industry and trade, the Investor and the Project company the investment agreement (further - the Investment agreement) providing implementation by the Investor and the Project company is signed on January 6, 2023:

designings, financings, construction and operation of windfarm capacity of 500 MW and systems of accumulating of the electric power capacity of 100 MW in Kungradsky district of the Republic of Karakalpakstan throughout the entire period of implementation of the investment project;

attraction of direct foreign investments in the amount of by provisional estimate of only 667 million US dollars with acceptance on possible risks;

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 Agreement) on December 23, 2022 is signed according to which:

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