The provision of a loan of up to US$ 85.7 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"), and JSC "Takhiatash Thermal Power Plant" (Takhiatash TPP") to finance their working capital 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").
The loan proceeds will be used to finance working capital 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 via support to IFRS standards implementation. The project is developed under the Vital Infrastructure Support Programme (VISP) which is part of the EBRD COVID-19 Solidarity Package.
ETI score: 60
ETI 60-65. 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 will also expand the Bank's support in adoption of IFRS at the Subsidiaries, complementing the ongoing work on IFRS introduction at the Company level.
The state power generation company JSC "Thermal Power Plants"
EBRD Finance Summary
An up to US$ 85.7 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", 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
Financing structure: the EBRD offers financing that is not available in the market on reasonable terms and conditions (including appropriate tenor) necessary to structure the Project. Crisis response: the EBRD financing effectively bridges a financing gap due to adverse market conditions. Public sector: the EBRD investment is needed to close the funding gap.
Standard-setting: helping projects and clients achieve higher standards: Client is expected to make use of the EBRD expertise on higher financial standards, including through financial covenants.
Knowledge, innovation and capacity building: the EBRD provides expertise, innovation, knowledge and/or 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 (ESP 2019). High Medium risk due to the age of the facilities which may pose the risk of non-compliance with relevant EU regulations on air emissions (Industrial Emissions Directive, etc.) and labour risks. The independent environmental and social due diligence on the proposed transaction will be combined with the ESDD on Tashkent Power Loan (the same Client) and mainly based on review of tailor-made questionnaires to be completed by the Project entity and management of 4 relevant power plants, remote interviews with the E&S management of the power plants as well as virtual site visits of 2 largest power plants. The ESDD will also include a potential site visit, once travel restrictions are lifted, to verify findings of the desk-top ESDD. As such a site visit may happen after the approval of the Project by the Board, the ESAP and loan agreement will need to include a caveat on updating the ESAP.
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 May 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
For business opportunities or procurement, contact the client company.
For business opportunities with EBRD (not related to procurement) contact:
Tel: +44 20 7338 7168
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 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.
Project Complaint Mechanism (PCM)
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 accountability mechanism.
The accountability mechanism 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 our webpage to find out how to submit a complaint through the confidential online form, by email, mail or telephone. We are available to discuss your concerns and answer any questions you may have about the submission or handling of complaints. Complainants’ identities may be kept confidential upon request.