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10 March 2020
INVESTMENT

ACWA Power, Uzbekistan sign energy deals worth $2.5 billion

ACWA Power will also help develop technical expertise for students and professionals in Uzbekistan’s energy sector

The energy firm has a portfolio of 56 assets with a total investment of $45.5 billion/Bloomberg

by Bloomberg

Saudi-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.

 


RELATED STORIES: ACWA Power Uzbekistan Public Investment Fund Vision International Investment Company

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