Total Eren’s Financing Of 100 MWac Solar Plant In Uzbekistan

WFW advised Total Eren as sponsor and developer of the project.

Reed Smith advised European Investment Bank, European Bank for Reconstruction and Development and Proparco as lenders in connection with the financing of the project.

A €90m loan was granted by a consortium of banks to Total Eren as developer and owner of the 100 MWac (equivalent to 131.3 MWp) Tutly solar plant in the Samarkand region of Uzbekistan which successfully reached financial close in August 2021.

This ground-breaking transaction represents one of the first project financed solar plants in Uzbekistan using a long-term Power Purchase Agreement model and sets the groundwork for a series of new solar projects currently under tender.

The Tutly solar plant was entirely developed by Total Eren, a leading France-based Independent Power Producer (“IPP”) from renewable energy (mainly solar and wind), active globally. Tutly is one of the first IPP projects to be built in the country.

Once completed, the power plant is expected to produce 270 GWh per year, enough to supply the needs of about 140,000 people in Uzbekistan while reducing CO2 emissions by about 160,000 tons per year. The solar farm will also support regional sustainable growth and contribute to local employment, with more than 300 workers on site during the construction phase and 15 permanent jobs created for the operation phase.

The WFW Paris team was led by Partner Philippe Wolanski (Picture) for the financing of the transaction, supported by Associates Julie-Anne Thiebaut and Daria Vorobyeva, and Partner Laurent Battoue with Associates Marine Yzquierdo and Antoine Bois-Minot for the EPC and O&M contracts.

The Reed Smith team was led by Partner Victoria Westcott and Associate Mohamed Badji on the financing and Partner Simon Harvey assisted by Associates Chris Parrott and Raymond Utuk on the project documents.

Involved fees earner: Mohamed Badji – Reed Smith; Simon Harvey – Reed Smith; Chris Parrott – Reed Smith; Raymond Utuk – Reed Smith; Victoria Westcott – Reed Smith; Laurent Battoue – Watson Farley & Williams; Antoine Bois-Minot – Watson Farley & Williams; Julie-Anne Thiebaut – Watson Farley & Williams; Daria Vorobyeva – Watson Farley & Williams; Philippe Wolanski – Watson Farley & Williams; Marine Yzquierdo – Watson Farley & Williams;

Law Firms: Reed Smith; Watson Farley & Williams;

Clients: European Bank for Reconstruction and Development; European Investment Bank; Proparco SA; Total Eren ;

Giulia Di Palma

Author: Giulia Di Palma