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Uzbekistan: Next frontier for UAE companies Bakhtiyor Ibragimov
In recent years the Republic of Uzbekistan has been opening up to the world. The country is on the path of accelerated dynamic development as it strengthens its relationships with foreign partners in trade, investment, innovation, green energy, tourism and other fields.
As the largest consumer market in Central Asia, Uzbekistan is a country ripe with business opportunities. Government-led reforms have brought positive changes to the nation s business landscape with the retail sector already seeing growing activity from foreign investors and multinational companies.
The UAE has long been an important trading partner of Uzbekistan. However, bilateral relations have developed considerably following the official visit of the President of Uzbekistan Shavkat Mirziyoyev to the UAE in March 2019.
Simmons & Simmons has advised Stone City Energy on the deal. Stone City Energy made an agreement with the Government of the Republic of Uzbekistan to …
Total Eren lands €87.4 million financing for 100MW solar project in Uzbekistan
Total Eren’s 128MWdc solar farm in Kazakhstan. Image: Total Eren.
Tutly Solar, French energy giant Total Eren’s subsidiary in Uzbekistan, has been awarded an €87.4 million US$106.32 million) loan package to develop a utility-scale solar PV system in the country.
The European Investment Bank (EIB) has said it will offer €43.7 million in debt financing, while a subsidiary of Agence Française de Développement, called PROPARCO, and European Bank for Reconstruction and Development (EBRD) will each provide €21.8 million.
The project, a 100MW PV power plant in Samarkand, in southeastern Uzbekistan, will be one of few private-sector renewables projects in the country when it comes online, supplying the National Electric Networks of Uzbekistan through a 25-year power purchase agreement (PPA). It is expected to be completed by the end of this year.
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In the first quarter of 2021, a draft of Presidential Resolution “On Additional Measures to Reform the Electric Energy Industry” has been announced which aims to establish a competitive electricity market in Uzbekistan between 2020 and 2025.
The draft provides for the establishment of an independent regulator in charge of electricity and natural gas (the Regulator), which will not be part of the government but will be subordinate to the president and the parliament.
The following main functions of the Regulator are envisaged in the draft resolution:
Establishment of a competitive market and the regulatory framework to ensure transparency and equal access for all participants;