Sherzod Yunusov


+998 78 150 6221

Sherzod Yunusov

+998 78 150 6221


Sherzod Yunusov is a Partner in the Tashkent office. He focuses on the energy, infrastructure sectors as well as financial institutions.

Sherzod is a dual-qualified lawyer (Uzbekistan and New York) with over 12 years of legal experience working in the UK, US, and Uzbekistan on cross-border transactions in emerging markets (particularly in Eastern Europe and Central Asia) focusing on energy and infrastructure projects advising on their financing, development, and acquisition.

He also advises on general banking as well as commercial and corporate matters.

'We work primarily with Sherzod Yunusov on PPP projects. He has an extensive understanding of the local regulatory framework and practices which helped us a lot to understand and tackle legal issues'.

'Sherzod Yunusov is the main point of contact; he is very diligent, efficient, knowledgeable and reactive.’

'Sherzod Yunusov is very diligent, solution-oriented, and highly knowledgeable in the transactional structuring of dispute resolution mechanisms, with a particular focus on infrastructure and energy projects’.

Legal 500, 2023


BANKING, FINANCE & capital markets

  • A CONSORTIUM OF BANKS on the investment in ESG-bonds issued by JSCB “Uzpromstroybank” with the use of proceeds tied to climate-related activities and supporting women SMEs
  • A CONFIDENTIAL COMPANY (ISSUER) on drafting of and negotiating a bond purchase agreement and security documents as well as advising on capital markets and other regulatory matters under Uzbek law
  • ACWA POWER COMPANY on the development of a wind farm project (100 MW) in Uzbekistan under a PPP structure, including on the bidding process, the power purchase agreement, the government support agreement and changes thereto, governmental authorisations, financing agreements (conventional and Islamic finance), security documents, and other documents and matters arising under Uzbek law
  • CHINESE BANKS on bank-to-bank and bank-to-corporate loans, including transactional and regulatory advice
  • A EUROPEAN INVESTMENT FUND on unsecured loans extended to several Uzbek banks
  • AN IFI on a working capital loan extended to an Uzbek LLC  
  • EBRD on*:
    • a sovereign loan to the Republic of North Macedonia to finance the construction of a wastewater treatment plant in Skopje (EBRD Sustainability Silver Award Winner 2020)
    • a loan to finance the expansion of an onshore wind project (72 MW) in Turkey via a project finance structure
    • syndicated loans to two solar projects (30 and 10 MWp) in Kazakhstan via a project finance structure, consisting of the EBRD and Green Climate Fund financing
    • a sovereign loan to Uzbekistan to finance the construction of an additional 900 MWe of Combined Cycle Gas Turbine (CCGT) generation capacity at the existing Talimarjan Power Plant, on-lent to the now-unbundled JSC "Uzbekenergo"
    • bank-to-bank synthetic UZS loans to a commercial bank in Uzbekistan to be on-lend to small and medium enterprises
    • a syndicated loan to a development bank in Belarus arranged by EBRD, acting as a lender of record for commercial banks
    • a loan to finance an acquisition and upgrade of a fertilizer plant in Uzbekistan (co-financed by EBRD and IFC)
    • a loan consisting of a capital expenditure loan and a working capital facility to finance the development of about 50,000-hectares of farmland in two regions of Uzbekistan
    • equity divestments of EBRD's shareholdings in Moldovan and Armenian banks and a Russian JSC
    • risk-sharing facilities (funded and unfunded) with various banks across Central Asia
    • a loan to an Egyptian company to support its working capital needs in Egypt

energy, projects & infrastructure

  • SILK ROAD FUND, a development and investment fund established under the framework of the Belt and Road Initiative, on the acquisition of a 49% stake in the 1.5 GW Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan, including due diligence review, transactional, corporate governance and regulatory advice
  • A CONFIDENTIAL CLIENT on the acquisition of oil and gas assets in Uzbekistan, including a complex due diligence review and advising on transaction structuring
  • LUKOIL on*:
    • a multimillion EPC contract (FIDIC-based form) for development of the Gissar Group of fields implemented by LUKOIL acting as Operator within the framework of a production sharing agreement
    • contracts for engineering and construction of observation water wells on Adamtash and Kandym gas fields and the supply of technical water
    • preparation and negotiation of an Uzbek-law governed EPC contract and related security agreements for the construction of gas field accommodation facilities, roads and related infrastructure
    • negotiation of contracts for maintenance and repair of the booster compression stations, supply of equipment and related IP
    • preparation of a template contract for drilling wells and construction of related infrastructure

M&A, Corporate and private equity

  • OTP BANK (Hungary) on all matters relating to the acquisition of majority stake in the state-owned IPOTEKA bank, including on regulatory matters (approval from the Central Bank of Uzbekistan; antimonopoly matters; central depository of Uzbekistan; mandatory purchase of minority shareholders’ shares), transactional and corporate governance matters and etc.
  • AN INVESTMENT FUND on the acquisition of a 100% stake in an LLC owning a hotel in Uzbekistan operated by a major international hotel chain, including drafting and negotiating transaction documents, undertaking due diligence review, advising on corporate governance, privatisation law, and regulatory matters
  • EMTEKO Holding SIA, an EU pharma holding company, on an IFI-financed acquisition of a controlling stake in an LLC owning a plant producing pharma products and related infrastructure in Uzbekistan, including due diligence review, drafting and negotiating participating interest sale purchase agreement, shareholders’ agreement, providing transactional, and regulatory advice


  • AN INTERNATIONAL AIRCRAFT LEASING COMPANY on repossession and export of an aircraft, including regulatory and transactional matters
  • LUKOIL on all disputes and controversies arising in connection with its energy and related projects in Uzbekistan*
  • A CONFIDENTIAL CLIENT on litigation-related matters related to allegedly the largest uncontrolled release of methane in the US history*
  • A U.S.-BASED UTILITY COMPANY on matters related to a potential legal transformation, Proposition 65 regime in California, inverse condemnation doctrine under the law of California, and disposal of solar panels and wind turbine blades in the US*

*Experience prior to joining Kinstellar


  • 2019 – 2020: Stanford SURF Fellow, Energy
  • 2017 – 2018: Duke University School of Law, USA, LL.M. in Business Law (Honors: Fulbright Scholar; Duke University Merit Scholarship)
  • 2016: The Hague Academy of International Law, The Netherlands, Summer School in International Private Law
  • 2011: Ludwig Maximilian University of Munich, Germany, Summer School in Business Law
  • 2006 – 2011: University of World Economy and Diplomacy (UWED), Uzbekistan, Faculty of International Law, LL.B. (with honors) 


  • Uzbekistan 
  • New York 


Uzbek, Russian, English