Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Energy of Uzbekistan and the Russian company Altmax Holding Ltd. businessman Andrei Filatov signed a memorandum on the creation of a gas thermal power plant with a capacity of 1.5 thousand MW in the south of Uzbekistan. The project cost is estimated at US$1.8 billion.

The construction of the station will be a continuation of the project to develop the gas field “25 years of independence”, where “Altmax Holding Ltd.” is a major shareholder.

The businessman explained that Russian banks, VTB and Gazprombank, are also interested in investing in the project. According to him, equipment manufacturers will also take part in financing the project - by providing their products on credit on favorable terms for a period of 15 years or more, TASS reports.

The capacities of the new power plant will not only ensure the local needs of the region of Uzbekistan, but also create a reserve, including for exporting electricity to neighboring regions and countries. In the south, Uzbekistan borders immediately with three potential markets - Tajikistan, Turkmenistan and Afghanistan.