24 March 2023

Syrdarya II project loan signed


Lenders have signed the loan agreements for Enersok's Syrdarya II 1580MW CCGT project located in Syrdarya region, Uzbekistan.

The $805 million of project debt comprises a $393 million direct loan from JBIC and a $150 million A loan from IFC, with the $262 million remainder covered by NEXI and co-financed by Mizuho, SMBC and Societe Generale. IFC acted as lead transaction advisor for the government of Uzbekistan. Ashurst provided lender legal counsel and Lummus Consultants International was technical advisor.

The project, awarded at a levelised cost of electricity of $33.67564/MWh, is underpinned by a 25-year PPA with Uzbek state-owned power company JSC National Electricity Grid of Uzbekistan. Enersok is owned by Electricite De France (33.3%), Nebras Power (33.3%), Sojitz Corporation (19%) and Kyuden International (14.3%). 

Enersok will build, own, and operate the proposed Srydarya 2 natural gas-fired combined cycle power plant, located in Syrdarya region's Boyovut district. The power plant will supply electricity to the state-owned JSC National Electricity Grid of Uzbekistan for 25 years. 

Harbin Electric International is EPC contractor for the project, which has a scheduled commercial operation date of early 2026. 

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