Cengiz Enerji Wins International Finance Award for Uzbekistan Project

Cizzak Natural Gas Combined Cycle Power Plant, developed by Cenergo, a group company of Cengiz Enerji, one of Turkey's leading players in the energy sector, has been recognized for its international financing success. The project was selected as Proximo's "Asia-Pacific Energy" transaction of 2025, with Proximo being active in infrastructure and project financing.

EUR 164.25 Million Financing Closure
The financing of the 550 MW combined cycle gas turbine power plant being constructed in Cizzak, Uzbekistan, has been successfully completed. The long-term credit totaling EUR 164.25 million was provided by DZ BANK and DenizBank AG, with financing secured under Euler Hermes export credit insurance (ECA cover).

The plant, scheduled to become operational in the final quarter of the year, aims to strengthen Uzbekistan's energy supply security and contribute to the country's energy transition targets.

"A Pioneering Project in Financial Structure"
Arzu Özgiray noted that Proximo awards carry significant reference value in the sector, emphasizing that the project stands out not only for its financial structure but also in terms of technology and sustainability.

Özgiray stated that the power plant operating with high-efficiency gas turbines ensures maximum efficiency in power generation and is prepared for future energy systems with infrastructure capable of accommodating 50 percent hydrogen use once necessary investments are completed.

High-Efficiency and Sustainability-Focused Design
The Cizzak Natural Gas Combined Cycle Power Plant is designed to operate with efficiency rates exceeding 60 percent, while also making significant contributions to reducing emissions. The project is developed in full compliance with:

-Equator Principles Association criteria
-International Finance Corporation performance standards
-OECD Common Approaches
-EU Taxonomy "Minimum Safeguards" and "Do No Significant Harm" principles

The project is also classified as an "Enabling Green Transition Project" under the Green Bond Principles established by the International Capital Market Association.

Strategic Role in Uzbekistan's Energy Transition
The Cizzak Natural Gas Combined Cycle Power Plant plays a critical role in Uzbekistan's 2030 energy strategy. The project will provide reliable baseload power generation to support the integration of the country's planned 25 GW renewable energy capacity into the grid.

Thanks to its strategic location, the facility is expected to reduce transmission losses and decrease dependence on older power plants, thus contributing to the efficiency and reliability of the national grid.

Contribution to Local Development
Cengiz Enerji aims to support regional development by prioritizing local employment in the project. The successful completion of the financing process once again demonstrates the confidence international credit institutions place in the project and Turkey's expertise in infrastructure financing.