February 2023 – Kinstellar is delighted to announce that it has successfully advised 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.
ACWA Power will retain a 51% stake in the facility. JSC “National Electric Grid of Uzbekistan” will be the sole off-taker under the project for a period of 25 years.
Located in Shirin, southern Uzbekistan, the project will support the Republic of Uzbekistan in providing cost-effective and energy efficient power solutions for the nearby communities and eliminate 2 million tonnes of carbon emissions per year. Once operational in 2024, the Sirdarya facility will be responsible for 15% of power demand and 8% of installed power capacity in Uzbekistan.
As Uzbek law counsel, Kinstellar undertook comprehensive due diligence, and advised on transactional, corporate governance, regulatory, and other matters. The team was led by Sherzod Yunusov, Partner, with the support of Kamilla Ubaydullaeva, Associate, and other members of the Kinstellar Tashkent team.