Riyadh: The Kingdom of Saudi Arabia’s ACWA Power has recently signed a power purchase agreement with national electric grid in Uzbekistan worth 18.2 billion Saudi riyals (Rs 4,04,61,35,54,436).
The agreement pertains to the Aral 5-gigawatt wind power project, set to become Central Asia’s largest wind farm in the Karakalpakstan region.
It was signed at the Tashkent International Investment Forum, in the presence of Uzbek President Shavkat Mirziyoyev, Uzbek Prime Minister Abdulla Aripov, and Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud, in Tashkent.
Under the agreement, ACWA Power is set to construct, manage, and transfer a wind farm at the end of its 25-year contract term.
The project is currently in development stage, and the total investment value may fluctuate upon reaching financial close.
It is expected to generate numerous jobs and stimulate local industries by promoting the localization of services and supplies.
In a statement, Founder and Chairman of the Board of ACWA Power Mohammad Abunayyan 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 honored to share close ties,” he added.
