Kosta Legal has successfully assisted UAE-based Masdar, the clean energy subsidiary of Mubadala Investment Company, on achieving the financial close and making the first disbursement for the Nur Navoi Solar Project, Uzbekistan’s first independent power producer (IPP) solar project.
The Nur Navoi Solar Project was awarded to Masdar in October 2019 under the World Bank Group’s Scaling Solar program, with Masdar tendering the lowest tariff in a competitive auction. In November 2019, Masdar signed a power purchase agreement (PPA) and government support agreement (GSA) with JSC National Electric Grid of Uzbekistan (NEGU) and the Government of the Republic of Uzbekistan to design, finance, build, own and operate the solar plant, located in the Navoi region. The solar station, projected to be completed by the end of 2021, will supply about 270 GWh of electricity per year.
Working in close cooperation with lawyers of Norton Rose Fulbright, led by Mr. Charles Whitney and Mr. Chris Down, the Project Finance and PPP team of Kosta Legal, led by Mr. Nail Hassanov, has provided Masdar with comprehensive legal advice on project’s risks allocation, assisted with negotiations of project and finance documents with the Uzbek government, EPC contractors, and lenders, dealing with land allocation issues, licenses, permits and others. We would like to sincerely congratulate Masdar and all its consultants on reaching this key milestone.