RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of March 5, 2024 No. PP-117

About measures for implementation of the investment project "Construction of Windfarm Capacity of 500 MW and Overhead Power Transmission Lines in Kungradsky District of the Republic of Karakalpakstan (Kungrad Wind 4)"

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

1. Take into consideration that:

a) the ACWA Power Company company (Saudi Arabia) (further - the Investor) within the investment project "Construction of Windfarm Capacity of 500 MW and Overhead Power Transmission Lines in Kungradsky District of the Republic of Karakalpakstan (Kungrad Wind 4)" (further - the Investment project) founds ACWA Power KRPK Wind 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 signed on November 27, 2023 the investment agreement (further - the Investment agreement) providing implementation by the Investor and the Project company:

designings, financings, construction and operation of windfarm capacity of 500 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 on predesigns of only 682 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 November 27, 2023 is signed according to which:

The project company assumes obligation of the guaranteed sale of the made electrical energy of JSC Natsionalnye elektricheskiye seti Uzbekistana;

The project company provides guarantee of the first-class foreign bank in the amount of 18 million US dollars as ensuring proper execution of the obligations in the period of construction;

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