Sherzod Yunusov


+998 78 150 6221

Sherzod Yunusov

+998 78 150 6221


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

Sherzod is a dual-qualified lawyer (Uzbekistan and New York) with over 11 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.

Sherzod has expertise and an established track record of handling a wide array of matters related to oil and gas transactions (including exploration and gas production, production sharing agreements, development of fields, design and construction of infrastructure projects, gas transportation and processing, plant operation, sales of gas, and project finance), renewables (solar and wind), and infrastructure projects. He also advises on general banking as well as commercial and corporate matters.


BANKING, FINANCE & capital markets

  • A CONFIDENTIAL COMPANY (ISSUER) on drafting of and negotiating a bond purchase agreement and security documents as well as advising on capital markets and other regulatory matters under Uzbek law
  • EBRD on*:
    • a sovereign loan to the Republic of North Macedonia to finance the construction of a wastewater treatment plant in Skopje (EBRD Sustainability Silver Award Winner 2020)
    • a loan to finance the expansion of an onshore wind project (72 MW) in Turkey via a project finance structure
    • syndicated loans to two solar projects (30 and 10 MWp) in Kazakhstan via a project finance structure, consisting of the EBRD and Green Climate Fund financing
    • a sovereign loan to Uzbekistan to finance the construction of an additional 900 MWe of Combined Cycle Gas Turbine (CCGT) generation capacity at the existing Talimarjan Power Plant, on-lent to the now-unbundled JSC "Uzbekenergo"
    • bank-to-bank synthetic UZS loans to a commercial bank in Uzbekistan to be on-lend to small and medium enterprises
    • a syndicated loan to a development bank in Belarus arranged by EBRD, acting as a lender of record for commercial banks
    • a loan to finance an acquisition and upgrade of a fertilizer plant in Uzbekistan (co-financed by EBRD and IFC)
    • a loan consisting of a capital expenditure loan and a working capital facility to finance the development of about 50,000-hectares of farmland in two regions of Uzbekistan
    • equity divestments of EBRD's shareholdings in Moldovan and Armenian banks and a Russian JSC
    • risk-sharing facilities (funded and unfunded) with various banks across Central Asia
    • a loan to an Egyptian company to support its working capital needs in Egypt

energy, projects & infrastructure

  • A FOREIGN INVESTMENT FUND on the acquisition of a non-controlling stake in a combined cycle gas fired (CCGT) power project company in Uzbekistan, including due diligence review, transactional, corporate governance and regulatory advice
  • LUKOIL on*:
    • a multimillion EPC contract (FIDIC-based form) for development of the Gissar Group of fields implemented by LUKOIL acting as Operator within the framework of a production sharing agreement
    • contracts for engineering and construction of observation water wells on Adamtash and Kandym gas fields and the supply of technical water
    • preparation and negotiation of an Uzbek-law governed EPC contract and related security agreements for the construction of gas field accommodation facilities, roads and related infrastructure
    • negotiation of contracts for maintenance and repair of the booster compression stations, supply of equipment and related IP
    • preparation of a template contract for drilling wells and construction of related infrastructure


  • 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 the U.S. history
  • A U.S.-BASED UTILITY COMPANY on matters related to a potential legal transformation, Proposition 65 regime in California, inverse condemnation doctrine under the law of California, and disposal of solar panels and wind turbine blades in the U.S.

*Experience prior to joining Kinstellar


  • 2019 – 2020: Stanford SURF Fellow, Energy
  • 2017 – 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
  • 2006 – 2011: University of World Economy and Diplomacy (UWED), Uzbekistan, Faculty of International Law, LL.B. (with honors) 


  • Uzbekistan 
  • New York 


Uzbek, Russian, English