Reed Smith and Watson Farley & Williams acted as legal advisers in connection with a €90 million loan 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 (PPA) model and sets the groundwork for a series of new solar projects currently under tender.
The 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, it is expected to produce 270 GWh/yr, enough to supply the needs of approximately 140 000 people in Uzbekistan while reducing CO2 emissions by approximately 160 000 tpy. 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.
Reed Smith advised European Investment Bank, European Bank for Reconstruction and Development and Proparco as Lenders in connection with the financing of the project.
Watson Farley & Williams advised Total Eren as sponsor and developer of the project.
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.
The Watson Farley & Williams teams were led by partner Philippe Wolanski 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.
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