Italian thermal power plant investments worth $2.3bn agreed for Uzbekistan

By Muzaffar Ismailov in Tashkent

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Uzbekistan and Italy have agreed to implement four major power projects worth €2.3bn.

During an Uzbek-Italian business forum in Rome, thermal power plant companies and Italian credit agency SACE signed three agreements and one memorandum. Within their framework, the parties intend to implement the projects worth €2.26bn in all.

The projects include a modernisation of Tashkent thermal power plant with an increase in the station’s capacity to 990 MW and the construction of gas piston installations and hot water boilers in six districts of Tashkent. Also, 24 gas piston installations with a capacity of 4.3 MW each and four hot water boilers with a capacity of 130 MW each will be built in Yunusabad district of Uzbekistan’s capital.

In the consideration of applications from international banks and financial institutions for participation in the projects, a key condition for the awarding of financing was the participation of Italian companies as general contractors. SACE fulfilled this criterion.

At the same business forum, entrepreneurs from Uzbekistan and Italy signed a number of other investment agreements. An Uzbek-Italian clothes and knitwear factory valued at €1.3mn is to be commissioned in Bukhara region, while Uzbek Lord Fruits has signed a contract for the supply of dried fruits to Italy for €800,000.

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