Deals worth up to US$ 2.5bn to strengthen the CIS nation’s energy security signed
Saudi Arabia’s ACWA Power announces the signing of three new strategic agreements, potentially worth up to US$ 2.5bn, with The Ministry of Energy of Uzbekistan to amplify power generation and develop technical expertise.
The agreements include a 25-year Power Purchase Agreement (PPA) and Investment Agreement – with a total investment value of US$1.2 billion – for the development, construction and operation of a 1500 MW Combined Cycle Gas-Turbine (CCGT) power plant.
The deal also stipulates an Implementation Agreement worth US$550 million-US$1.1 billion for the building of wind power plants with a capacity of 500-1000 MW.
The project will be located in Shirin City in the Sirdarya region and will be developed as a ‘Build, Own, Operate, Transfer’ (BOT) model. ACWA Power will take the lead in constructing, engineering, operating and maintaining the plant.
An implementation agreement worth US$550 million-US$1.1 billion has also been signed with the Ministry of Energy to utilise Uzbekistan’s natural renewable energy sources. The agreement envisages the development, financing, construction, operation and maintenance of a 500-1000 MW wind farm.
“We have chosen ACWA Power to be the government’s partner in upscaling Uzbekistan’s energy generation capacity because of their exceptional track record in delivering results,” said Abdulla Aripov, Prime Minister of Uzbekistan.
“The market in this part of the world is thriving with economic activity that will stimulate private sector investment and participation in the energy sector,” remarked Mohammad Abunayyan, Chairman, ACWA Power.
