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Eye of Riyadh
Business & Money | Sunday 5 May, 2024 12:11 pm |
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ACWA Power signs $4.85 billion deal for Central Asia’s largest wind farm

On the sidelines of the Tashkent International Investment Forum held under the patronage of His Excellency President Shavkat Mirziyoyev, President of the Republic of Uzbekistan, Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, signed a Power Purchase Agreement (PPA) with the National Electric Grid of Uzbekistan for Central Asia’s largest wind farm -- the Aral 5GW Wind Independent Power Producer (IPP) project in the Karakalpakstan region.

 

The agreement was signed in the presence of His Excellency the Uzbek Prime Minister Mr. Abdulla Aripov and HRH Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, during a ceremony inaugurating two of ACWA Power’s ongoing projects in the country: the 1.5GW Sirdarya CCGT plant and the first 100MW phase of the Riverside solar plant in the Tashkent region. 

 

The ceremony was attended by His Excellency Shavkat Miramonovich Mirziyoyev, President of the Republic of Uzbekistan, and His Royal Highness Abdulaziz bin Salman Al Saud, the Minister of Energy of the Kingdom of Saudi Arabia.

 

As ACWA Power’s 15th project in Uzbekistan, Aral Wind IPP solidifies the company’s strong commitment to providing the renewable energy needed to meet the Central Asian country’s ambitious aims to have 40% of its energy mix provided by renewables by 2030. Uzbekistan is ACWA Power’s largest market after its home country of Saudi Arabia, and this latest project brings its total investment in the country to $13.9 billion. 

 

Mr. Mohammad Abunayyan, Founder and Chairman of the Board of ACWA Power, said: “This historic project will provide clean power to approximately 4.5 million houses in Uzbekistan, a country which is propelling its energy transition thanks to its ambitious and decisive leadership. We are proud to collaborate with Uzbekistan’s government to export our low-carbon expertise beyond the borders of Saudi Arabia, improving the lives of millions in a country with whom we are honoured to share close ties.”

 

The Aral Wind IPP will be deployed in five phases. This flagship initiative will generate approximately 18,500 GWh of clean electricity annually, displacing 247 billion tonnes of CO2 over its lifetime and providing power to around four million homes, thus marking a pivotal step in Uzbekistan's green energy transition. It is also projected to create hundreds of direct and indirect jobs and stimulate local industry by localising services and supplies.

 

ACWA Power’s total portfolio in Uzbekistan now comprises 11.6GW of power, of which 10.1GW is renewable, as well as the country’s first green hydrogen project with a capacity of 3,000 tonnes per year, the first phase of which was inaugurated in November 2023. 

 

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