Project Description
This summary covers investments by Standard Chartered Bank plc (United Kingdom), Bank of China Limited (China), Industrial and Commercial Bank of China Limited (China), China Construction Bank Corp. (China) and China Minsheng Banking Corp. (China) and/or other lenders to be identified into the project enterprise incorporated in Uzbekistan, Acwa Power Sirdarya LLC. The project involves design, construction, operation and maintenance of a combined cycle single fuel (gas) (“CCGT”) power generating facility with the net installed capacity of 1.5 GW in Sirdarya region of Uzbekistan. Investors have applied for MIGA guarantees covering up to US$969 million of their non-shareholder loans into the project. The guarantees will have a term of up to 20 years, providing coverage against the risks of transfer restriction, expropriation, war and civil disturbance and breach of contract.
Environmental Categorization
The project is a category A under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary.
Development Impact
The project will add 1,500 MW of installed capacity in Uzbekistan, increasing total supply and potentially substituting some of the old facilities in the existing state-owned thermal power plants by new and more efficient ones. The project will be a first large-scale Independent Power Producer in Uzbekistan financed by commercial bank loans and therefore will create a demonstration effect for future foreign investments in the energy sector of Uzbekistan.
