The Project is being implemented by Enersok FE LLC, a special purpose company incorporated in Uzbekistan, wholly owned by NEKS Energy BV incorporated in the Netherlands. The latter will be owned by EDF (33.3%), Nebras (33.3%), Sojitz (19%) and Kyuden (14.3%).

EDF is a French electric utility, majority owned by the Government of France. EDF’s core operations include: (i) electricity generation and distribution; (ii) power plant design, construction and dismantling; (iii) energy trading and (iv) transport. It has a gross installed capacity of almost 128GW across 27 countries, with 12.6GW of thermal capacity accounting for 10% of its energy mix.

Nebras is a Qatari power development and investment company. It was established in 2014 and is a joint venture between Qatar Electricity and Water Company (60%) (majority state-owned enterprise) and Raslaffan Operating Company (40%) (100% owned by Qatar Electricity and Water Company). It has 21 power plants (operational and under construction) with a gross capacity of 6.6GW across conventional power and Renewable Energy projects. It has three gas-fired power plants in Jordan and Oman. and one under construction in Bangladesh.

Sojitz Corporation is a diversified holding company with operations in 50 countries through 400 subsidiaries. It is listed on the Tokyo Stock Exchange with its ownership split roughly equally across Japanese and Western institutional investors and private individuals. It is active in Automotive, Aerospace, Chemicals, Natural Resources, Consumer Goods and Power sectors. In the power sector, it has been involved in the development and operation of six gas powered power plants in Oman, Indonesia, Vietnam and UAE.

Kyuden International is the internationally focused subsidiary of Kyushu Electric, one of the 10 regional electricity utility companies in Japan, with a generation capacity of around 18 GW, 50% of which is thermal power. Internationally, it has invested in a number of IPPs across eleven countries with a total capacity of 2.8GW.

The total Project cost is currently estimated at approximately US$950 million, proposed to be financed by up to US$760 million of long-term project finance debt. The proposed IFC investment includes an IFC A Loan for up to US$70 million and an interest rate swap to cover up to US$200 million aggregate loan notional for the IFC A Loan and ECA-covered commercial loans. Japan Bank for International Cooperation (“JBIC”) and ECA covered commercial banks are expected to provide the remainder of the project finance debt.

The Project is located in Syrdarya region, at 150 km south of Tashkent. The region is located on the left bank of the Syr Darya River at 10km west of Bekabad City and next to the City of Shirin.

The project is categorized as Category A according to IFC’s Policy on Environmental and Social Sustainability as it includes activities with potentially significant adverse environmental or social risks and/or impacts that are diverse, irreversible, or unprecedented. Key risks and impacts include economic displacement, air emissions (including greenhouse gases), noise, groundwater availability and occupational and community health and safety. There could also be cumulative impacts associated with the  continued operation of some units at the existing Syrdarya TPP and the construction and operation of the adjacent ACWA Power Sirdarya 1 IPP.