Public utility Qatar Electricity and Water Company's joint venture, Nebras Power Investment Management, has entered into a long-term Power Purchase Agreement (PPA) in Uzbekistan to build and operate the 1600 MW Syrdarya II Combined Cycle Gas Thermal (CCGT) power plant in the central region of the country.

Syrdarya II is contracted to provide power to the national power grid of Uzbekistan as part of a 25-year off-take agreement, Qatar Electricity said in a statement on the Qatar bourse on Tuesday. 

Once completed, it will be one of the nation’s largest power generating facilities, it added.

Nebras, a strategic investor in the power and water sectors, is a joint venture in which QEWC holds a 60 percent stake while Qatar Holding has 40 percent. 

In its first foray into Uzbekistan's power sector, Nebras Power has partnered with an international consortium of companies, including French company EDF (Électricité de France) and Japanese-based Sojitz Corporation and Kyuden Group. The alliance submitted the winning tender to build and manage the 1600 MW power facility in the region of Syrdarya, south of the capital city of Tashkent.

Enersok, a newly formed project company, will construct and manage Syrdarya II. As part of the sales purchase agreement, Nebras will control 33.3 percent of Enersok, while the remaining shares will be divided amongst EDF, Sojitz and Kyuden.

In 2021, Nebras acquired six solar projects in Ukraine. It also entered into a long-term strategic partnership arrangement to identify, develop and invest in greenfield and brownfield energy projects in Ukraine.

(Reporting by Brinda Darasha; editing by Seban Scaria)