Synergy Consulting, Inc. is honored and delighted to receive the “Central Asian Deal of the Year” award at the PFI 2023 Awards for the “Syrdarya 2 CCGT project, Uzbekistan”
Synergy Consulting, Inc. acted as the Financial Advisor to the consortium of Electricité de France, Nebras Power Investment Management B.V., Sojitz Corporation and Kyuden International Corporation for the bid of ~1,580 MW gas-fired combined cycle power plant south of the capital city of Tashkent in Shirin, which is part of the Syrdarya region in Uzbekistan.
The ~USD 1 Billion greenfield project’s financing structure includes three tranches, with a diverse lender group comprising of international banks, Export Credit Agencies (ECAs) and Development Finance Institutions (DFIs).
This project marks many firsts, including:
- First competitive bid for a thermal IPP in Uzbekistan;
- First deal in Asia wherein JBIC and IFC have both provided financing (in addition to the commercial banks); and
- First deal in Asia wherein NEXI and IFC have co-financed on the same deal.
Considering the size of the Project, the credit rating of Uzbekistan and the growing concerns around carbon footprint of conventional power plants; there were significant challenges in achieving the Financial Close for this transaction.
This landmark project is expected to serve as a model for bankable and sustainable IPPs and build confidence for future projects in Uzbekistan. The successful implementation of the Project is expected to yield, inter-alia, the following benefits to the stakeholders:
- The plant will provide more efficient, and cost-competitive electricity to more than 3 million people, meeting an estimated 17 percent of demand and comprising 9.5 percent of installed power capacity when complete.
- With an expected efficiency rating of over 60 percent, it will also be twice as efficient as current production and avoid up to 8 million tons of greenhouse gas emissions annually by displacing aging plants and contribute to the country’s goal to achieve carbon neutrality.
- The plant will provide grid stabilization for the regional grid allowing for higher renewable integration and reduce water usage as compared to similar gas fired power plants.
Synergy is committed to supporting clients in conceptualizing and further developing such strategically important Projects in APAC, MENA, and other regions. Synergy actively supports the ambition of countries to develop renewable energy and work with all its clients on the shared goal of Environmental and Social Governance (ESG).
Synergy is thankful to PFI and expresses gratitude for this recognition and award.
Synergy thanks all stakeholders, including our clients and financial and private participants, for their continued support and trust for making Synergy the Partner of Choice.
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