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NEWS

Islamic Development Bank gives Uzbekistan $100 mln loan for modernizing two HPPs

8 November 2012

http://www.cospp.com/content/cospp/en of 11/8/2012 - Islamic Development Bank gives Uzbekistan $100 mln loan for modernizing two HPPs

Uzbekistan has raised a $100 million loan from the Islamic Development Bank for the modernization two hydroelectric power plants in the Tashkent region, Farkhad HPP and HPP-14 of the Lower Bozsui Cascade.

A source in the government circles told Interfax that representatives from the bank and the Uzbek government signed a loan agreement on Tuesday in Tashkent during a meeting of the Arab Coordination Group.

The modernization of the HPPs foresees a replacement of generators and turbines, as well as electrical equipment, relays and communications systems. The project's implementation will help boost the generating capacity of the two HPPs by 30 MWt in total.

The project is valued at $165.7 million and will be implemented in 2012-2015. In addition to the aforementioned loan, the project will be financed with funds from state company Uzbekenergo.

Uzbekistan's installed electricity capacity comes to 12.4 GWt, including Uzbekenergo with 12 GWt. Up to 90% of electricity in the country is produced at 10 combined heat and power plants. The country's 29 HPPs are largely connected through a cascade system and powered by water flow.

The Arab Coordination Group was founded in 1975 in order to oversee the effectiveness of operations of financial organizations such as Islamic Development Bank, Saudi Fund for Development, the OPEC International Development Fund, the Kuwaiti Fund for Arab Development, and the Abu Dhabi Fund for Development.