The energy firm has a portfolio of 56 assets with a total investment of $45.5 billion/Bloomberg
by BloombergSaudi-based ACWA Power has signed three energy deals worth $2.5 billion Uzbekistan to increase power generation and develop technical expertise.
In a statement, ACWA Power said that the agreements include a 25-year Power Purchase Agreement and Investment Agreement for the development, construction and operation of a 1,500 megawatt combined cycle gas turbine power plant in Shirin City, in the Sirdarya region of Uzbekistan. The project’s total investment is projected to be around $1.2 billion.
Alisher Sultanov Uzbekistan’s Minister of Energy, said, “ACWA Power’s focus on smart, energy efficient technologies will provide more than 2000 MW of added power and enable us to achieve a more sustainable, secure and affordable energy ecosystem for our country.”
Furthermore, ACWA Power and Uzbekistan’s Ministry of Energy also agreed to implement an agreement worth between $550 million and $1.1 billion for the building of wind power plants with a capacity of around 500 to 1000 MW.
“With our proven track record as a global leader in the sectors of power generation and water desalination, with in-depth knowledge and expertise, we are proud to have been granted this opportunity to build strategic partnerships with the Uzbek government,” said Mohammad Abunayyan, the Chairman of ACWA Power.
ACWA Power, which is co-owned by nine Saudi conglomerates, including the Vision International Investment Company, Public Investment Fund, Saudi Public Pensions Agency and the International Finance Corporation, operates in 12 countries in the Middle East, Africa and South-East Asia.
The energy firm has a portfolio of 56 assets with a total investment of $45.5 billion producing 31GW of power and 5.2 million cubic metres per day of desalinated water.
MOST READ
BUSINESS
UAE firms launch Covid-19 economic aid packagesBUSINESS
Saudi Arabia plans to boost oil export to 10...BUSINESS
Aldar to invest AED 2 million in Abu Dhabi...BUSINESS
Saudi Aramco posts a 21 per cent decrease in...BUSINESS
Oil drops 31 per cent as price war erupts...BUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
NMC Health hires Moelis for debt restructuringBUSINESS
Saudi Aramco prepares for international listingBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Egypt plans to resume IPOs of parastatalsBUSINESS
SHUAA Capital reports a net profit of AED 45...BUSINESS
HSBC considering exiting from TurkeyBUSINESS
Dubai's DP World buys 44 per cent stake in...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
