Kosta Legal assists Voltalia in reaching financial close for its first renewable project in Uzbekistan

We are pleased to announce that Kosta Legal, led by partners Maxim Dogonkin and Nail Hassanov, with support from associates across the firm’s practices, including Abdujafar Abduvokitov, Aliye Ablyalimova, Jakhongir Olimjonov, and Iroda Tokhirova, has successfully advised the international renewable energy company Voltalia on bidding for, developing, and achieving financial close for the 126 MW Sarimay Solar project in the Khorezm region of Uzbekistan. In collaboration with Herbert Smith Freehills’ Paris office, our team provided comprehensive support in various areas, including public-private partnership, regulatory, corporate, foreign lending, and real estate matters. This encompassed drafting project and finance documents, as well as negotiating with the government and lenders.

Voltalia secured a financial package of up to USD 54.6 million (EUR 50.5 million) from the European Bank for Reconstruction and Development, featuring a senior loan of up to USD 44.8 million (EUR 41.5 million) and a special facility of EUR 9 million. The financing will support Sarimay Solar during the construction phase. The project also benefits from an unfunded guarantee covering a senior loan tranche of USD 7 million (EUR 6.5 million), provided by the European Union’s European Fund for Sustainable Development Plus. A payment guarantee of up to USD 3.5 million from the World Bank will secure the obligations of the state-owned National Electric Grid of Uzbekistan JSC to purchase electricity. Scheduled for commissioning in the second half of 2025, the project will contribute to Uzbekistan’s goal of achieving 25 GW of solar and wind capacity by 2030.

Partner Maxim Dogonkin commented: “We are proud to have assisted Voltalia on this significant project, marking both a key milestone for the company and a step forward for Uzbekistan’s energy transition. This also underscores our firm’s strong expertise in project development”.

Voltalia, a global leader in renewable energy, has 3.1 GW of capacity in operation and under construction, with an additional 17.2 GW in its project pipeline. The Sarimay Solar plant will prevent the emission of 141,000 tonnes of CO2 annually and forms part of a broader multi-energy complex under development, including wind and storage projects.