Altmax Holding Ltd. to invest $1.8 billion in the construction of TPP in Uzbekistan 

Energy Ministry of Uzbekistan and Altmax Holding Ltd. (owned by Russian businessman Andrei Filatov) signed a memorandum on the creation of a gas thermal power plant (TPP) with a capacity of 1.5 thousand MW in the south of the republic. The project cost is estimated at $1.8 billion, TASS reports.

The TPP construction will be a continuation of the project to develop the gas field “25 years of Independence”, where Altmax Holding Ltd. is a major shareholder.

Filatov explained that Russian banks – VTB and Gazprombank – are also interested in investing in the project. According to him, equipment manufacturers will also take part in financing the project – by providing their products on credit on favorable terms for a period of 15 years or more.

“Significance for realizing the investment potential of Uzbekistan puts the power industry among infrastructure priorities. The construction of additional energy capacities is necessary not only for the development of local industry and agriculture, but also has serious export prospects: Afghanistan is located nearby, which, obviously, as civilian life is restored, will need electricity. I hope that after the feasibility study has been completed, together with the government of Uzbekistan, we will be able to sign binding agreements and start the project with the support of leading Russian banks such as VTB and Gazprombank,” he concluded.

The capacities of the new power plant will not only ensure the local needs of the region, but also create a reserve, including for the export of electricity to neighboring countries. In the south, Uzbekistan borders directly with three potential markets – Tajikistan, Turkmenistan and Afghanistan.