Cengiz Enerji Completes Financing Close for New Power Plant in Uzbekistan
Cenergo, the group company of Cengiz Enerji, one of Türkiye's leading energy companies, has successfully completed the financial closing of the Jizzakh Natural Gas Combined Cycle Power Plant, one of the largest energy projects in Uzbekistan with an installed capacity of 550 MW. The long-term loan, totaling EUR 164.25 million, was provided by DZ BANK and DenizBank AG under the guarantee of Euler Hermes export credit insurance. The plant is scheduled to become operational on 1 January 2027.
Cenergo, a group company of Cengiz Enerji, one of Turkey's leading energy-sector organizations, has successfully completed the financing closure for the Cizzak Natural Gas Combined Cycle Power Plant in Uzbekistan, one of the country's largest energy projects with an installed capacity of 550 MW. The long-term credit totalling EUR 164.25 million was provided by DZ BANK and DenizBank AG with Euler Hermes export credit insurance coverage. The power plant will be commissioned on 1 January 2027.
As a reflection of the efficiency and sustainability approach adopted by Cengiz Enerji across all its operations, the financing closure for the 550 MW Natural Gas Combined Cycle Power Plant (CCGT) built by the group company Cenergo LLC in the Cizzak region of Uzbekistan has been successfully completed. The project is supported by long-term investment credit of EUR 164.25 million provided by DZ BANK and DenizBank AG and issued under the export credit insurance (ECA cover) guarantee of Euler Hermes. The credit, with a total maturity of 12 years, will be repaid within 10 years from the commissioning of the power plant.
Contributing to Uzbekistan's Energy Transition
The Cizzak Natural Gas Combined Cycle Power Plant, which holds strategic importance in Uzbekistan's energy transition and carbon reduction plan through 2030, will replace inefficient and aging Soviet-era conventional power plants with modern, high-efficiency infrastructure. The project is being developed in accordance with international environmental and social governance (ESG) standards and will be aligned with the Equator Principles, OECD Common Approaches, and IFC Performance Standards. Furthermore, the project's sustainability is underscored by its compliance with the EU Taxonomy's "do no significant harm" criterion and its designation as a "Green Enabling Project" in accordance with the International Capital Market Association (ICMA) Green Bond Principles.
"Preparing Today for Tomorrow's Energy Systems"
Arzu Özgiray, Management Board Advisor of Cengiz Holding, stated the following: "The Cizzak Natural Gas Combined Cycle Power Plant has become an exemplary investment both in terms of its financing structure and its alignment with international environmental and social standards. Our facility, which will replace old and inefficient power plants and strengthen Uzbekistan's energy supply security, is preparing today for tomorrow's energy systems with infrastructure that, once necessary investments are completed, will be ready to use 50 percent hydrogen in addition to natural gas as fuel. Equipped with Siemens Energy SGT5-4000F model gas turbines, the power plant will operate with efficiency exceeding 60 percent. Our project is the first combined cycle power plant to hold certification for operation with 50 percent hydrogen under the Climate Change Sectoral Understanding (CCSU) expanded by OECD member countries. Additionally, the project is fully compliant with the EU Taxonomy's "do no significant harm" criterion and this investment is classified as a "Green Enabling Project" under the International Capital Market Association (ICMA) Green Bond Principles, given its role in accelerating and scaling the transition to a low-carbon economy. With all these characteristics, the Cizzak Natural Gas Combined Cycle Power Plant will provide long-term contributions to both sustainability and the country's energy transition."
Supporting Regional Development through Employment and Efficiency
Once the power plant is commissioned, it will support regional development by creating employment opportunities and providing long-term contributions to Uzbekistan's energy infrastructure. Uzbekistan aims to significantly increase renewable energy sources and develop 25 GW of renewable energy capacity by 2030, raising the share of renewables in electricity generation to 40 percent. In this context, the Cizzak Combined Cycle Power Plant will function as a baseload power plant providing reliable electricity supply and stable, continuous power generation to balance the intermittent nature of renewable energy production.
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