ACWA Power, a Saudi developer, investor and operator of power generation, desalinated water and green hydrogen plants, will sign an agreement valued at around $2.4 billion to build a 1500MW wind project in Uzbekistan.
The terms of agreement will be signed with Uzbekistan’s Ministry of Energy and Ministry of Investment & Foreign Trade, the utility said, which is partly owned by the Saudi sovereign wealth fund PIF.
The project is expected to achieve financial close by the end of 2023 and be fully commissioned by the first quarter of 2026, ACWA said in a disclosure on Tadawul bourse on August 17.
Biggest single site onshore wind project
Once complete, this project would be the biggest single site onshore wind project in the region and will contribute 19% to Uzbekistan’s overall renewable energy goals, ACWA said.
The facility is expected to power 1.65 million households and offset 2.4 million tonnes of carbon emissions per year.
The financial impact of the deal is expected to be reflected in the fourth quarter of 2023.
ACWA is also working on developing the first at-scale green hydrogen project in Saudi Arabia. When complete in 2026, the project will produce 1.2 million tonnes of green ammonia per year for the purposes of decarbonising industries, making it the world’s largest facility of its kind.
