VISP: Electricity Support Facility



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

30 Sep 2020



PSD disclosed:

11 May 2020

Project Description

The provision of a loan of €81.6 million to the Republic of Uzbekistan to be on-lent to JSC "Sirdarya Thermal Power Plant" ("Sirdarya TPP"), JSC "Tashkent Thermal Power Plant" ("TashTES"), JSC "Navoi Thermal Power Plant" ("Navoi TPP"), JSC "Talimarjan Thermal Power Plant" ("Talimarjan TPP") and JSC "Takhiatash Thermal Power Plant" ("Takhiatash TPP") to finance their working capital and operational liquidity needs. These joint stock companies are incorporated in the Republic of Uzbekistan and owned by the state power generation company JSC "Thermal Power Plants" (the "Company", or "TPP"). 

Project Objectives


The loan proceeds will be used to finance working capital and operational liquidity needs of the TPP subsidiaries in the context of the EBRD COVID-19 crisis response.  The Project will combine long-term reform objectives with an immediate response to the COVID-19 impact by supporting the companies with a liquidity injection while contributing to the corporatisation and commercialisation of the power generation sector.   The project is developed under the Vital Infrastructure Support Programme (VISP), which is part of the EBRD COVID-19 Solidarity Package.

Transition Impact

ETI score: 65

ETI 65. The Project is expected to contribute to the Resilient and Well-Governed Transition Impact qualities.  The Project in the first place aims to guarantee the operations of the sector throughout the restructuring process and to preserve the transition momentum in times of the COVID-19 crisis, bolstering the Bank's ongoing cooperation with the Company.  The Project includes measures targeting improvement of corporate governance at the subsidiaries and TPP through corporate governance and financial management capacity building assistance, including in climate corporate governance, gender and inclusion-related matters. 

Client Information


The state power generation company JSC "Thermal Power Plants"


EBRD Finance Summary

EUR 81,600,000.00

A €81.6 million loan to the Republic of Uzbekistan, to be on-lent to JSC "Sirdarya Thermal Power Plant", JSC "Tashkent Thermal Power Plant", JSC "Navoi Thermal Power Plant", JSC "Talimarjan Thermal Power Plant" and JSC "Takhiatash Thermal Power Plant"  - the subsidiaries of the state power generation company JSC "Thermal Power Plants" (the "Company"). The Company is a successor to the now-unbundled JSC "Uzbekenergo" in charge of gas-fired power generation in Uzbekistan.

Total Project Cost

EUR 81,600,000.00


Financing structure: EBRD financing covers a financing gap caused by adverse market conditions and the COVID-19 impact, as financing from local commercial banks is constrained by the country-wide liquidity squeeze. 

Standard-setting: helping projects and clients achieve higher standards: The client will benefit from EBRD's expertise in gender-sensitive corporate governance and financial standards. 

Knowledge, Innovation and Capacity Building: the Bank's technical, institutional and regulatory expertise are material to the timely realisation of the Project's objectives.  

Environmental and Social Summary

Categorised B (2019 ESP) and High risk due to both the age and complexity of infrastructure operated by the Company, as well as to the environmental risks related to the gas power plant decommissioning commitments agreed with the Company to reduce its environmental footprint.  Due to international travel restrictions and strict quarantine measures implemented by the government of Uzbekistan to contain the COVID-19 pandemic, there have been limitations to the scope of the appraisal; and in line with agreed COVID-19 ESDD approach for High Risk Projects, all findings will need to be verified through a site visit once the quarantine measures are lifted (either before or after signing of the Project).  The ESDD was finalised and the ESAP was agreed.  Restructured SEP has been prepared taking into account COVID related restrictions.    A set of best practice guidelines for the future decommissioning will be shared with the Company for adoption.  The project is consistent with the GET approach and the GET share is 39%.  The GET rationale is driven by the Company's commitment to decommission 3 gas power generation units of 450 MW overall capacity ahead of their physical lifetime.  This will accelerate the low carbon pathway of the power sector in Uzbekistan, in line with the 2050 sector strategy for decarbonisation.  Decommissioning activities will need to comply with the EBRD ESP.  The Bank will assist the Company with a TC providing guidance on full decommissioning in line with the international best environmental practice.  The ESDD was based on review of  the environmental & social documentation, phone and video interviews with relevant management and personnel of JSC TPP  and the subsidiaries, in addition to review of video footage of selected plant installations.  Due diligence has identified opportunities to introduce integrated management systems which should optimise the implementation of ISO requirements related to environmental protection, quality control, occupational health and safety. Currently environmental management functions are mainly the responsibility of the Environmental Impact Control Division (EICD) at the JSC TPP corporate level.  It is envisaged that the ESAP will enhance EICD capacity so they can play a more prominent role in planning and conducting environmental activities as part of any investment projects.  Currently monitored environmental parameters do not allow assessing full compliance with the EU Industrial Emissions Directive.  Given the age of the facilities, and ongoing and planned modernisation activities, a TC supported BAT assessment should be conducted to identify critical non-compliance areas and improvements needs.  Long-term measures will also need to be developed to address presence of asbestos-containing materials and other elements that can pose significant health and safety and environmental pollution risks if not managed safely.  Working conditions are regulated by national labour legislation.  Grievance procedure needs to be revised in line with PR2 to allow for anonymous grievances.  ESDD findings suggest that there are elevated risks of employees being involved in cotton harvesting. It is therefore proposed that an external labour monitoring is conducted during the cotton harvesting season

Technical Cooperation and Grant Financing

Technical Cooperation funds may be sought to support Project preparation and implementation.

Company Contact Information

JSC "Thermal Power Plants", Foreign Economic Relations and Investments Department - Zafar Turaev
+998 71 230 9569
23 Bunyodkor Avenue 100097 Tashkent, Uzbekistan

PSD last updated

11 Dec 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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