Dentons has announced that the President of Uzbekistan, Shavkat Mirziyoyev, has signed a resolution approving Canadian-headquartered, global solar giant SkyPower’s US$1.3 billion investment in photovoltaic solar energy facilities in Uzbekistan. In connection with the Presidential resolution, JSC Uzbekenergo, the Uzbek national power utility, entered into a power purchase agreement with SkyPower for a total capacity of 1,000 MW.

Under the terms of the power purchase agreement, SkyPower will carry out the design, financing, construction, operation and ownership of power generation facilities. Through this landmark deal, SkyPower will become the first independent power producer in Uzbekistan under the first PPP type project in renewable energy in the country. This also represents the largest foreign direct investment by a Canadian company into Uzbekistan. This transaction, which is guaranteed by the Government of Uzbekistan demonstrates the Uzbek government’s strong commitment to attracting foreign investment.

A cross-border Dentons team from Uzbekistan and Canada advised SkyPower. The Dentons team in Tashkent was led by partner Eldor Mannopov, in collaboration with counsel Shukhrat Yunusov, and paralegal Manzura Rakhimova, and Keith Stein (Dentons’ global relationship leader for SkyPower) led the Dentons Toronto team, assisted by partners Helen Newland and Vivek Bakshi and associate Kelli Patel.

Eldor Mannopov, Uzbekistan Managing Partner at Dentons, commented, “We are truly honored by the opportunity to work on this historic deal, which makes Dentons the pioneering law firm in Uzbekistan on large-scale PPP renewables projects.”

SkyPower is the largest and one of the most successful developers and owners of utility-scale solar energy projects in the world. With roots dating back more than 15 years, its global team possesses a vast track record of combined experience in power and large infrastructure projects.