Uzbek bank draws funds from China's Eximbank for HPPs
Baku, Azerbaijan, Dec.6
By Nigar Guliyeva – Trend:
Uzbekistan's joint-stock commercial bank (Turonbank) attracted funds worth $58.5 million from the Export-Import Bank of China, Turobank said in a message.
The funds were raised for the implementation of the investment project - the construction of a small HPP at the Tuyabuguz reservoir, the cascade of SHPP on the Big Fergana Canal, the Kamchik SHPP on the Akhangaran River, the Zarchobsky SHPP cascade on the Tupolang River with the equipment supply from China.
The Export-Import Bank of China provided loan for a period of 20 years.
In addition, Turonbank and Uzbekhydroenergo are preparing new projects for the modernization of existing hydroelectric power stations.
Uzbekistan is the largest electricity producer in Central Asia and a net exporter of electricity. Total installed capacity in Uzbekistan is currently about 12,500 MW (25 power plants). Of this capacity, 89 percent comes from thermal power plants that work on fossil fuels, and the rest comes from hydropower generators. The annual electricity production volume is 55 billion kWh.
Uzbekistan plans to construct 16 combined-cycle power plants by 2020 to increase the country's energy capacity.
Turonbank, one of the first commercial banks in the republic, was established in 1990.