China Eximbank provides $113.8 million loan for Conversion of Units 1, 2, 3, 4, 5 of Novo‐Angren Thermal Power Plant Project.

Project narrative

On June 9, 2010, China Eximbank signed a $113,835,650 loan agreement with Uzbek Industrial and Construction Bank (JSC Uzpromstroybank) for the Conversion of Units 1, 2, 3, 4, 5 of Novo‐Angren Thermal Power Plant Project. The terms of the China Eximbank loan were as follows: 2.5% interest, 20 year maturity, 5 year grace period, 0.5% commitment fee, and 0.5% management fee. The total cost of the project was $213.7 million USD, financed with loans from China Eximbank ($113.8 million) and the Fund for Reconstruction and Development of Uzbekistan ($52.8 million), as well as own funds from Uzbekenergo ($47.1 million). The purpose of this project was to switch five generating units of the Novo‐Angren Thermal Power Plant (TPP) to year-round coal burning and modernize the Angren coal mine. The project sought to increase coal production at the mine two-fold -- to 6.4 million tons a year. The Novo-Angren TPP is one of two power stations in Uzbekistan partly operating on coal (in winter – during the heating season). Its installed capacity is 2,100 megawatts. The power plant provides electricity to major industrial facilities and to the population of the Tashkent region. The general contractor of the project was Sino Coal International Engineering. This project was completed on January 20, 2014.