Within the agreements, the sides will plan to decrease emission of greenhouse gas (CO2) at two heating power stations in Uzbekistan – Tashkent thermal power station and Talimardjan thermal power station.

Within the documents, Synecta will monetize CO2 emission reduction and provide consulting services, necessary for registration of the projects at the UN in line with the CDM requirements.

It is expected that the modernization of stations will allow to cut 1.543 million tonnes of CO2 emission a year. Currently, the average price of certified emission reduction makes up 10 euros per tonne. The raised funds will be directed to modernization of thermal power stations.

In March 2012, international consortium, which included Slovakia’s Synecta a.s. and Istroenergo Group, and Poland’s SNC Lavalin Polska started to modernize Tashkent thermal power station with the cost of US$512 million.

Within the contracts, signed in 2008, the consortium will construct combined-cycle plant at the station with the capacity of 370 megawatt. Construction of combined-cycle plant will allow to produce 2.8 billion kilowatt-hour electricity and save 175 million cubic meters of gas a year. General Electric is supplier of the equipment. The construction works will be completed in 2014.

The project is financed due to loan of the State Development Bank of China at the size of US$220 million, own resources of Uzbekenergo – US$117.7 million, loan of Fund for Reconstruction and Development of Uzbekistan – US$76.2 million, consortium funds – US$68.9 million, loans of the Uzbek banks – US$26.9 million, and loan of Japan International Cooperation Agency (JICA) – US$2 million.

The project on modernization of Talimardjan thermal power station in Kashkadarya region envisages construction of two combined-cycle plants with the capacity of 450 megawatt each. Currently, the tender is hold to select contractor on construction of the combined-cycle plants. The results will be announced by the end of 2012.

The construction works are conducted due to loan of the Asian Development Bank for US$350 million, JICA – US$300 million, loan of Fund for Reconstruction and Development – US$250 million and own resources of Uzbekenergo.

Uzbekistan currently registered 14 CDM projects with total cost of over US$120 million with the specialized UN agency.