Cengiz Enerji’s Uzbekistan Project Receives International Financing Award

Cenergo, a group company of Cengiz Enerji, one of Türkiye’s leading energy companies, has received an award for the successful financial close of the Jizzakh Combined Cycle Gas Turbine Power Plant, currently under construction in Uzbekistan. The Jizzakh financing was named the 2025 Asia-Pacific Energy Deal of the Year by Proximo, an international company specializing in project and infrastructure finance. The €164.25 million loan, which reached financial close, was provided by DZ BANK and DenizBank AG and is backed by Euler Hermes export credit insurance.

The Jizzakh Combined Cycle Gas Turbine Power Plant, one of the largest energy projects in Uzbekistan, has successfully reached financial close through Cenergo, a group company of Cengiz Enerji, and has been recognized by Proximo, an international company operating in the project and infrastructure finance sector. Located in the city of Jizzakh, Uzbekistan, the 550 MW Combined Cycle Gas Turbine (CCGT) power plant will contribute to strengthening the country’s energy supply security while also playing an important role in its energy transition objectives.

The project, which is scheduled to be commissioned in the fourth quarter of the year, is being financed through a €164.25 million long-term investment loan provided by DZ BANK and DenizBank AG and secured under Euler Hermes’ export credit insurance (ECA cover).

“A PROJECT THAT STANDS OUT WITH ITS FINANCIAL STRUCTURE”

Arzu Özgiray, Advisor to the Board of Directors of Cengiz Holding, noted that the Proximo Awards are among the prestigious awards recognizing the most successful transactions of the year in the project and infrastructure finance sector, and said:

“The award evaluations are generally based on criteria such as the financial structure of a transaction, its innovative aspects and its impact on the market. For this reason, the awards are regarded as an important reference in the sector.

“Our Jizzakh Combined Cycle Gas Turbine Power Plant project stands out not only for its financial structure but also for its technology and sustainability features. The plant will operate with highly efficient gas turbines to maximize efficiency in power generation, while its infrastructure will be compatible with up to 50% hydrogen use once the necessary future investments are completed, enabling it to adapt to the energy systems of the future.

“Through highly efficient generation, the plant will support Uzbekistan in strengthening its energy supply security and make a tangible contribution to the country’s long-term energy transition. At the same time, as is the case across all Cengiz Holding group companies and affiliates, the project will generate economic value that supports regional development, with local employment opportunities being created from the project’s early stages.

“The successful completion of the financing process demonstrates the confidence of international lending institutions and our expertise in structured export credit financing. I would like to congratulate all our colleagues who contributed to this achievement.”

HIGH EFFICIENCY, HYDROGEN-READY INFRASTRUCTURE

As a tangible reflection of Cengiz Enerji’s sustainability approach, the Jizzakh Combined Cycle Gas Turbine Power Plant is the company’s first combined cycle power plant designed to be capable of operating with up to 50% hydrogen. Operating at an efficiency rate of more than 60%, the plant will significantly reduce emissions.

The plant also has a strong framework in terms of sustainability and international financing standards. It has been developed in full compliance with the Equator Principles established by the Equator Principles Association, the OECD Common Approaches and the International Finance Corporation (IFC) Performance Standards. In addition, the project meets the European Union Taxonomy’s “Minimum Safeguards” and “Do No Significant Harm” criteria and is recognized as a “Green Enabling Project” under the Green Bond Principles established by the International Capital Market Association (ICMA).

The project financing has a 12-year maturity, with a 10-year repayment schedule envisaged following the plant’s commissioning. This structure provides a financing model aligned with the funding cycle of long-term infrastructure investments, strengthening the project’s financial sustainability from the perspective of lenders.

The Jizzakh Combined Cycle Gas Turbine Power Plant stands out as an important component of Uzbekistan’s 2030 energy roadmap. At the same time, it will provide reliable baseload generation to support the integration of the country’s planned 25 GW renewable energy capacity into the grid.

Thanks to its strategic location, the plant will contribute to reducing transmission losses and decrease the country’s reliance on long-distance electricity transmission from older power plants in the north. This will help improve the efficiency and reliability of Uzbekistan’s national grid.