Herbert Smith Freehills Paris advises Voltalia on key Uzbekistan Solar PPP Project

Leading international law firm Herbert Smith Freehills has advised Voltalia, an international player in renewable energy, on the construction of the 126 MW Sarimay solar power plant in Khorezm, Uzbekistan. This includes assisting on the Governmental Support Agreement, Power Purchase Agreement, EPC/O&M contracts and financial documentation in order to achieve financial closing of the project, with the funding to be provided by the European Bank for Reconstruction and Development (EBRD). The EBRD financial package of up to US$ 54.6 million will consist of a senior loan of up to US$ 44.8 million and a special VAT facility of €9 million (US$ 9.8 million), to support Sarimay Solar during the construction phase of the project.

The 126-megawatt solar project, currently under construction, is scheduled for commissioning in the second half of 2025. It will generate enough renewable energy to meet the needs of approximately 60,000 people. It will also support Uzbekistan's energy transition goals by avoiding 141,000 tonnes of CO2 emissions annually.

The matter was led from the Paris office by projects partner Olga Melo Zanelli (Revzina) and finance partner Michaël Armandou.

Olga Melo Zanelli (Revzina) said, "This project is the latest example of our capabilities and track record supporting French and other international clients on their investments in the renewable energy sector in Uzbekistan, Kazakhstan and elsewhere in Central Asia. The region offers enormous potential for growth in renewable power capacity and we have a good pipeline of other exciting opportunities".

Michaël Armandou said, "We are delighted to have helped Voltalia to achieve successful financial close. The transaction was a good example of cross-practice teamwork which combined our strong projects, energy and finance capabilities with the regional insight, experience and language skills offered by Olga and her team".