- Home
- News & Insights
Search by
Latest
Uzbekistan introduces a legislative framework for Islamic banking
On 27 March 2026, the President of Uzbekistan signed Law No. LRU-1126 (the “Islamic Banking Law” or “IBL”), marking a historic milestone in the development of Uzbekistan’s financial sector. The Islamic Banking Law introduces a dual banking system designed to expand the scope of available financial services and introduce innovative banking products aligned with international Islamic finance standards. This framework enables Sharia-compliant financial services to operate concurrently and on equal footing alongside conventional banking. The Islamic Banking Law introduces comprehensive amendments to the Civil Code, Tax Code, Law on the Central Bank, and Law on Banks and Banking Activities. Its primary objective
Kinstellar advises TotalEnergies on its landmark agreement with Masdar to establish a USD 2.2 billion pan-Asian renewable energy joint venture
Kinstellar has recently advised TotalEnergies on its landmark agreement with Masdar to establish a USD 2.2 billion pan-Asian renewable energy joint venture. The new joint venture will combine TotalEnergies’ and Masdar’s onshore renewable energy businesses across nine Asian markets, including Kazakhstan and Uzbekistan. The joint venture will comprise a portfolio of approximately 3GW of operational renewable energy assets and a further 6GW under development and is expected to be fully operational by 2030. The transaction represents one of the most significant recent renewable energy investments in Asia and further underlines the growing importance of Central Asia and the wider region in the global energy transition.
Kinstellar announces new promotions in the Tashkent office
Kinstellar is pleased to announce the following promotions in the Tashkent office: Counsel Kamilla Khamraeva has been appointed as Head of the local Banking and Finance service line, Jakhongir Azatov has been promoted to Managing Associate, and Sardor Akhmedov has been promoted to Associate. Kamilla, the new Head of the Banking and Finance service line in Tashkent, has more than 12 years of legal experience in Banking & Finance across a range of sectors, with a strong focus on Energy and Infrastructure. Her practice focuses on project financing, sovereign and sub-sovereign financing, and complex cross-border mandates. She is a dual-qualified lawyer in Uzbekistan and Russia, and is recognised as a Notable Practitioner
Kinstellar advises on Dual-Currency Eurobond issuance by Ipoteka Bank OTP Group, in Uzbekistan
Kinstellar has advised J.P. Morgan, Citi, Société Générale, OTP Bank as Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers and Bank of China and Mashreq as Co-Bookrunners; and BNY Mellon Corporate Trustee Services Limited as Trustee, on the successful Eurobond issuance by Ipoteka Bank OTP Group. This is the first-ever public Eurobond issuance by a private bank in Uzbekistan setting a new milestone for the development of country’s banking and financial sector. The Reg S-only dual-currency offering comprised USD 300 million of 5-year senior unsecured notes and the UZS 1.2 trillion of 3-year senior unsecured notes. This landmark transaction marks a major milestone for Ipoteka Bank OTP Group
Kinstellar advises China Southern Power Grid International on the acquisition of a non-controlling stake in ACWA Power’s two wind farm projects in Uzbekistan
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