July 2024 – Kinstellar is delighted to announce that we have successfully advised China Southern Power Grid International on its acquisition of a 35% stake in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company holding 100% in Bash and Dzhankeldy Uzbek project companies, respectively.
The projects represent a combined 1 GW capacity and over USD 1.3 billion of investments.
This transaction marks the first acquisition of large-scale renewable energy projects in Uzbekistan. Each of Bash and Dzhankeldy wind farm plants is developed based on a ‘Build, Own, Operate, Transfer’ model and consists of 79 wind turbines (158 turbines in total) that will generate 3,235 gigawatt-hours displacing nearly 2 million tons of carbon dioxide equivalent a year.
As Uzbek law counsel, Kinstellar provided comprehensive jurisdictional advice, conducted due diligence in respect of project and finance documents, advised on transactional, corporate governance, regulatory, and other matters. The team was led by Sherzod Yunusov, Partner, with the support of Jakhongir Azatov, Associate, Umid Abdullaev, Junior Associate, and other members of our Tashkent team.