The project entails an up to US$ 190.6 million loan to the Republic of Uzbekistan to be on-lent to JSC "Tashkent Thermal Power Plant" ("TashTES"), a joint stock company incorporated in the Republic of Uzbekistan, to support balance sheet restructuring and finance capital expenditures of TashTES, the full subsidiary of the state-owned JSC "Thermal Power Plants" (the "Company", the "Project").
The loan proceeds will be used to finance balance sheet restructuring and capital expenditures of TashTES. The Project will contribute to the financial turnaround and improvement of the financial situation in the power generation sector as well as to strengthening of corporate governance and regulatory framework.
ETI score: 70
The Project is expected to contribute to the Well-Governed and Resilient Transition Impact qualities. The combination of regulatory and governance reforms linked to the loan is expected to strengthen the regulatory environment and corporate governance and will help foster corporatisation and commercialization of the power generation sector following unbundling.
EBRD Finance Summary
An up to US$ 190.6 million loan to the Republic of Uzbekistan, to be on-lent to JSC "Tashkent Thermal Power Plant", a subsidiary of JSC "Thermal Power Plants" which is a successor to the now-unbundled JSC "Uzbekenergo" in charge of gas-fired power generation in Uzbekistan.
Total Project Cost
Financing structure: the EBRD offers financing that is not available in the market on terms and conditions (including appropriate tenor) necessary to structure the Project. EBRD contributes to a restructuring package supported by technical cooperation focusing on corporate governance and regulatory environment improvements.
Policy, sector, institutional or regulatory change: the EBRD's involvement in the Project is considered additional as it is designed to trigger a change in the sector regulatory framework and to enhance practices at the sector and country level.
Standard-setting: helping projects and clients achieve higher standards: Client is expected to make use of the EBRD expertise on corporate governance improvements and higher financial standards.
Knowledge, innovation and capacity building: the EBRD provides expertise, innovation, knowledge and capabilities that are material to the timely realisation of the Project's objectives, including support to strengthen the capacity of the client.
Environmental and Social Summary
Categorised B under 2019 ESP and High-Medium risk. The Project requires a comprehensive corporate ESDD and review of current E&S Polices and management systems. The Project is High-Medium risk due to operation of thermal plants and investment needed to upgrade existing thermal plants and reduce the overall environmental footprint, notably in terms of carbon emissions per MWh. Key E&S risks and impacts to consider include the institutional capacity of the Company to implement the Banks PR's and best practices, such as EU environmental BAT standard and ESG reporting. Environmental and Social (E&S) due diligence will be undertaken by a consultant which will include a corporate review and development of a corporate ESAP. No current red flag issues identified. The EBRD has funded the upgrade of the Talimarjan Power Plant prior to the unbundling of the electricity grid and generation assets. The review will include a status review of the implementation of this Project.
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
23 Mar 2020
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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 email@example.com. 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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.