Turkish Cengiz Holding plans to commission a combined-cycle power plant with a capacity of 550 MW in Jizzakh region by the end of 2026. This was announced by the holding's board chairman Mehmet Cengiz at a meeting with the president.

Project Parameters

  • capacity — 550 MW;
  • cost — approximately $800 million;
  • location — Sharaf-Rashidov district of Jizzakh region;
  • the holding's total investment volume in the country exceeded $900 million.

"After completing projects in Tashkent and Syrdaria regions, we plan to launch a power plant in Jizzakh by year-end. As a result, the total installed capacity of our facilities will reach 1,010 MW," Cengiz said.

Project Cost Increased and Timeline Shifted

Comparison with initial conditions shows significant changes.

Under the November 2023 resolution, the cost was estimated at $500 million, with commissioning planned for 2025.

Now it's $800 million and end of 2026 — a 60% increase and a delay of approximately one year.

There are also discrepancies in current capacity data: the holding states 1,010 MW including Jizzakh, while its energy division website shows 1,030 MW.

Terms Under Which the Project Operates

The 2023 resolution fixed the parties' obligations:

  • Uzbekistan's National Electric Networks purchases electricity for 25 years;
  • supply of natural gas and technical water to the station is the responsibility of state organizations.

Expected indicators: over 4 billion kWh of electricity annually with savings of at least 700 million cubic meters of gas.

Why This Scheme Matters

Long-term electricity purchase agreements are a standard mechanism for attracting private investment in power generation. The investor receives guaranteed sales for a quarter-century, making the project financeable.

The flip side: the state commits to purchasing the volume at an agreed price regardless of market conditions.

Expansion Plans

The holding is considering a fourth project in the republic. "We intend to implement a fourth, and possibly a fifth project here," Cengiz said.

Also discussed were construction of new thermal power plants, modernization of distribution networks, and cooperation in the geological sector.

The president suggested the holding submit proposals for participation in building New Tashkent — leveraging the company's experience in infrastructure and construction.

About the Company

The holding has energy capacity of approximately 6,000 MW, as well as enterprises producing copper, cobalt, and aluminum. It operates in Turkey, Uzbekistan, Kyrgyzstan, Azerbaijan, Syria, Romania, and the United Kingdom.

Investor Context

Energy remains one of the key sectors attracting direct foreign investment flows. For the local capital market, this is indirectly significant: generating companies are not yet represented on the exchange.

The practical connection to household economics is direct — commissioning new capacity affects tariff policy. Recall that increases in heating and hot water tariffs are proposed, and hybrid heating systems are planned to be implemented from 2027.

You can track stock prices of traded issuers using Tashkent exchange data.

This material is for informational purposes only.