Sherzod Yunusov is a Partner in the Tashkent office. He focuses on the energy and infrastructure sectors as well as financial institutions.

Sherzod is a dual-qualified lawyer (Uzbekistan and New York) with over 12 years of legal experience working in the UK, US, and Uzbekistan on cross-border transactions in emerging markets (particularly in Eastern Europe and Central Asia) focusing on energy and infrastructure projects advising on their financing, development, and acquisition.

He also advises on banking and finance as well as commercial and corporate matters.

Sherzod demonstrates commercial awareness and vision, as well as deep understanding of market dynamics and client needs. He is an excellent lawyer and a genuine pleasure to work with.

Chambers Asia-Pacific, 2025

RECENT ENGAGEMENTS INCLUDE ADVISING

BANKING & FINANCE 

• A BRITISH BANK, acting as a mandated lead arranger, on a EUR 50 million senior secured tradable credit line extended to an Uzbek bank
• A NATIONAL PUBLIC FINANCIAL INSTITUTION on several sovereign loans extended to the Republic of Uzbekistan
• A SYNDICATE OF BANKS on corporate financings extended to Uzbek state-owned enterprises operating in the energy and telecom space, including legal structuring, bankability analysis, transactional advice, and other Uzbek law matters
• A SYNDICATE OF BANKS on a multicurrency term loan facility extended to a state-owned bank, including transactional and regulatory advice
• LEASE MANAGERS AND LESSORS on all transactional and regulatory matters under Uzbek law arising in connection with finance and operating leases

CAPITAL MARKETS

• JOINT LEAD MANAGERS on all Uzbek matters arising in connection with UZS-denominated Eurobonds, the first green sovereign bonds issued in the CIS region, as well as the tender offer extended by the Republic of Uzbekistan
• AN ARRANGER on Eurobonds issued by Ipoteka Bank on the Vienna Stock Exchange
• A CONSORTIUM OF BANKS on the investment in ESG-bonds issued by JSCB “Uzpromstroybank” with the use of proceeds tied to climate-related activities and supporting women SMEs
• A CONFIDENTIAL COMPANY (ISSUER) on drafting and negotiating a bond purchase agreement and security documents, as well as advising on capital markets and other regulatory matters under Uzbek law

Energy, Projects & Infrastructure

• ACWA POWER COMPANY (SPONSOR) on the project development and financing of a wind farm project (100 MW) in Uzbekistan, the country’s first PPP project implemented in the power sector, including on the power purchase/PPP agreement, government support agreement, authorisations, financing documents (conventional and Islamic finance), all security-related documents and other Uzbek law-related matters
• ACWA POWER COMPANY (SPONSOR) on the project development and financing of a pilot Green Hydrogen project in Uzbekistan (encompassing a wind farm project), including on all project documents, governmental authorisations, regulatory matters, as well as financing and other Uzbek law-related matters
• A SYNDICATE OF CHINESE BANKS on the project financing of two solar projects (500 MW each), including due diligence and bankability review of power purchase agreements, investment agreements, land lease agreements, EPC contracts, and O&M agreements and other project documents, drafting and negotiating security documents, as well as regulatory and transaction (financing) advice
• A SYNDICATE OF CHINESE BANKS on the project financing of two pilot energy storage projects (150 MW/ 300 MWh each), including due diligence and bankability review of battery storage service agreements, investment agreements, land lease agreements, EPC contracts and O&M agreements and other project documents, drafting and negotiating security documents, as well as regulatory and transaction (financing) advice
• EBRD, PROPARCO, AND EUROPEAN INVESTMENT BANK on various security-related matters, change of an offtaker, restructuring of the sponsor, and other regulatory matters relating to a solar project financed on a limited-recourse basis
• A DUTCH INVESTOR on the project development and financing of a 1 590 MW combined cycle gas turbine (CCGT) power plant in the Surkhandarya region, Uzbekistan, including transactional and regulatory advice as well as issuing legal opinions on capacity, authority, and enforceability matters

M&A, Corporate and Private Equity

• OTP BANK (Hungary) on all matters relating to the acquisition of a majority stake in the state-owned IPOTEKA bank, including regulatory matters (approval from the Central Bank of Uzbekistan; antimonopoly matters; mandatory purchase of minority shareholders’ shares), transactional, corporate governance and other matters
• CHINA SOUTHERN POWER GRID INTERNATIONAL on the acquisition of a non-controlling stake in two Uzbek project companies established for the development of two wind power projects in Uzbekistan with a total capacity of 1,000 MW, including comprehensive due diligence review covering project and financing documents, jurisdictional guide, transactional advice, corporate governance, and regulatory advice as well as revision of foundational documents of Uzbek project companies
• SILK ROAD FUND, a development and investment fund established under the framework of the Belt and Road Initiative, on the acquisition of a 49% stake in the 1.5 GW Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan, including due diligence review, transactional, corporate governance, and regulatory advice
• A LEADING GROCERY RETAIL CHAIN in Uzbekistan on its acquisition of a 100% equity stake in an LLC running an online retail business, including transactional matters (from drafting to closing), antimonopoly, regulatory, and other matters
• AN INVESTMENT FUND on the acquisition of a 100% stake in an LLC owning a hotel in Uzbekistan operated by a major international hotel chain, including drafting and negotiating transaction documents, undertaking due diligence review, advising on corporate governance, privatisation law, and regulatory matters
• EMTEKO Holding SIA, a EU pharma holding company, on the EBRD-financed acquisition of a controlling stake in an LLC owning a plant producing pharma products and related infrastructure in Uzbekistan, including due diligence review, drafting and negotiating participating interest sale purchase agreement, shareholders’ agreement, providing transactional and regulatory advice

ASSET RECOVERY AND DISPUTE RESOLUTION

• AN INTERNATIONAL AIRCRAFT LEASING COMPANY on the repossession and export of an aircraft, including regulatory and transactional matters
• AN INSURANCE COMPANY on potential claims and demands arising under several insurance contracts and policies
• LUKOIL on all disputes and controversies arising in connection with its energy and related projects in Uzbekistan*
• A CONFIDENTIAL CLIENT on litigation-related matters related to allegedly the largest uncontrolled release of methane in US history*

*Experience prior to joining Kinstellar.

EDUCATION

• 2020: Stanford SURF Fellow (Energy), USA
• 2018: Duke University School of Law, USA, LL.M. in Business Law (Honors: Fulbright Scholar; Duke University Merit Scholarship)
• 2016: The Hague Academy of International Law, The Netherlands, Summer School in International Private Law
• 2011: Ludwig Maximilian University of Munich, Germany, Summer School in Business Law
• 2011: University of World Economy and Diplomacy (UWED), Uzbekistan, Faculty of International Law, LL.B. (with honors)

ADMISSIONS

• Uzbekistan 
• New York 

LANGUAGES

Uzbek, Russian, English