Jeddah, 19 August 2022 (TDI): Saudi Arabia’s leading power company, ACWA Power, and the Government of Uzbekistan have signed three major energy agreements worth $12 billion.
This deal includes building the world’s largest onshore wind project.
We formalized the agreement for US$2.4billion 1.5GW wind farm in Uzbekistan, one of the biggest single onshore wind projects in the world, along with the New Investment Cooperation Agreement with an investment value of US$10billion, pic.twitter.com/C7FrLLuY0f
— ACWA Power-Accelerating Energy Transition Globally (@ACWAPower) August 19, 2022
The wind project is expected to achieve a financial close by the end of 2023 and be fully commissioned by Q1 2026. When completed, this project will contribute 19% to Uzbekistan’s overall renewable energy goals. It will also power 1.65 million households and offset 2.4 million tonnes of carbon emissions annually.
These agreements were signed on 18th August during the official visit of Uzbekistan’s President, Shavkat Mirziyoyev, to Saudi Arabia. These agreements deepen Saudi Arabia’s cooperation in Uzbekistan’s energy sector.
ACWA Power-Uzbekistan agreement
A total of three agreements were signed between ACWA Power and the Government of Uzbekistan. These agreements comprise a Heads of Terms agreement to develop a 1.5GW wind farm in the Karakalpakstan region of Uzbekistan, the largest single onshore wind project in the world.
The third agreement is about creating a $10 billion Investment Cooperation Agreement (ICA). The ICA will jointly develop gas-to-power, renewable energy, and green hydrogen projects in Uzbekistan.
Deputy Energy Minister Azim termed these agreements as “global milestones which Uzbekistan’s economy and citizens will directly benefit from.”
He called ACWA Power an “outstanding partner” in Saudi Arabia and referred to ACWA Powers’ four ongoing energy projects in Uzbekistan.
The Chairman of ACWA Power, Mohammad Abunayyan, said, “Uzbekistan is at the forefront of energy transition in central Asia.” He said these key agreements with Uzbekistan would make Uzbekistan ACWA Power’s second-largest country for overall investment.
