ACWA Power, Saudi Arabia-based power company has signed an SR 18.2bn ($4.85bn) power purchase agreement with Uzbekistan’s national electric grid for the Aral 5GW wind power project. The agreement was signed at the Tashkent International Investment Forum.
As per the media statement, Aral wind project, to be located in the Karakalpakstan region, is poised to become Central Asia’s largest wind farm. While the project is still in the development stage, the total investment value is subject to change upon reaching financial close.
ACWA Power founder and board chairman 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.”
The inauguration event also marked the inauguration of 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.
ACWA Power and the Bank of China have joined hands to secure an $80 million loan, split equally between Chinese Renminbi (RMB) and US dollars (USD), underscoring the meticulous financial planning essential for large-scale projects. This infusion of capital will drive the development of a 200MW Solar PV and 500MWh Battery Energy Storage System (BESS) facility in Tashkent.
