The Saudi company ACWA Power has successfully completed the financial close stage of the project for the construction of a new thermal power plant (TPP) with a total capacity of 1,500 MW in the city of Shirin, Syrdarya region, the Ministry of Energy reports.

An investment agreement for the construction of a new thermal power plant and an agreement on the purchase of electricity from this TPP for 25 years was signed between Uzbekistan and ACWA Power on March 5, 2020.

The total cost of the project is $1.2 billion, of which $747 million is a loan provided by the International Development Bank and foreign private commercial banks.

Among the creditors are the European Bank for Reconstruction and Development, the International Development Fund of OPEC, the German Investment Corporation (DEG), Standard Chartered Bank (UK), Natixis (France), Societe Generale (France) and the Bank of China.

The term of the loan agreements is 18 years.