The Ministry of Energy of Uzbekistan has signed a deal with ACWA Power worth potentially over $1bn for a wind farm with capacity of up to 1GW. The agreement is valued at between $550m and $1.1bn for a wind power project of 500 MW to 1GW.
The wind energy deal is part of a clutch of agreements between Uzbekistan and ACWA Power, including a 25-year power purchase agreement, with a total investment value of $1.2bn for a 1500MW natural gas power plant.
The other agreement is a memorandum of understanding for the development of a training centre to enhance technical skills of Uzbek students.
Uzbek energy minister Alisher Sultanov said: “These newly agreed power projects represents a historic milestone for Uzbekistan and supports our mission to strengthen energy security through self-sufficient power sources.
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.”
ACWA Power chairman Mohammad Abunayyan said: “ACWA Power is on a dynamic growth path and our priority has been to expand and extend our geographic footprint in Central Asia. The market has an economically vibrant landscape that favours private investment and power sector fortification and this is where we can make a great contribution.
“ACWA Power has an impressive track record in helping emerging markets and communities drive progress by providing access to affordable electricity. We are honoured to have been given the opportunity to utilise our energy expertise to unlock the tremendous growth potential of Uzbekistan’s power sector.”