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NEWS

Uzbekistan gets $220 mln credit from China Development Bank for modernization of Tashkent combined heat and power plant

25 October 2012

http://www.cospp.com of 10/25/2012 - China Development Bank (CDB) is providing Uzbek state stock company Uzbekenergo with a credit of $220 million for the co-financing of a project for the modernization of Tashkent CHPP (combined heat and power plant), reported Interfax.
An Uzbek governmental resolution concerning measures for implementing the investment project for building 370 MW steam-gas installation at Tashkent CHPP, which lays out a financing scheme, was adopted on October 16. Interfax has obtained a copy.
It says that Uzbekenergo and CDB had clinched a credit agreement this past August.
The project price tag is $511.8 million. It will also be financed with monies allocated by Uzbekistan's Reconstruction and Development Fund ($76.2 million), a business loan from Synecta a.s. ($68.9 million), with Uzbekenergo's own funds ($117.7 million), an Uzpromstroybank credit ($26.9 million), and a credit from Japan International Cooperation Agency (over $2 million).
The government has established a number of customs and tax breaks for the project, and issued permission for construction and installation work to be conducted before next September 1 simultaneously with the working up of design and estimate documentation.
The engineering contract for building the steam-gas facilities, the procurement of equipment, and the actual construction was secured with a consortium consisting of Synecta a.s. and Istroenergy Group (both of Slovakia) and Lavalin Polska Sp.zo.o. (Poland). The cost of the project had earlier been put at $468 million.
Tashkent CHPP has installed generating capacity of 1,860 MW. Its first generating unit was put into operation in 1963 and its last, the twelfth, in 1971.