Ashurst advises multiple funders on financing Uzbekistan power plant

Global law firm Ashurst is representing the funders and export credit agencies, the International Financial Corporation (IFC), Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and the covered lenders Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and Société Générale on the USD 805 million senior co-financing of the Syrdarya II IPP in Uzbekistan, which signed on 16 March 2023. The plant is being developed by ENERSOK Foreign Enterprise LLC, a vehicle indirectly owned by EDF International, Nebras Power, Sojitz Corporation and Kyuden International Corporation.

ENERSOK will build, own and operate a modern 1580 MW natural gas-fired combined cycle power plant in the Syrdarya region in Uzbekistan. The electricity produced by the plant will be sold to Uzbek state-owned power company JSC National Electricity Grid of Uzbekistan for a duration of 25 years. This modern plant with an efficiency rating of over 60% will be twice as efficient as current production and avoid up to 2.8 million tonnes of greenhouse gas emissions by displacing ageing plant on the system.

Lead partner David Wadham commented, "We are delighted to have been able to work with the lenders and sponsors on this exciting project. We are particularly pleased to have been able to support IFC, JBIC and NEXI working in partnership on this complex co-financing."

The transaction is being led by partner David Wadham, supported by counsel David McCormick, senior associate Akemi Kishimoto, associates Darren Lim and Kamila Saatova, junior associate Jac du Plessis and trainee Sophie Cheng. Hedging advice has been provided by Alec Peschlow.

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