The Ministry of Energy and ACWA Power Achieve Momentous Milestones as Uzbekistan Enhances its Clean Energy Capacity

• New developments on three major power projects with a combined investment value of $2.5 billion and capacity of 2500MW
• Official ground-breaking ceremony held for 1500MW CCGT power plant at the Sirdarya site
• Two Power Purchase Agreements (PPA) and Investment Agreements signed for two wind power plants in Bukhara and Navoi, with aggregate power generation capacity of 1000MW
• The Uzbekistan Ministry of Energy, ACWA Power and Air Products have entered into a strategic framework agreement to enable research programs in the fields of renewable energy and hydrogen
• Senior Government Officials and Representatives from Uzbekistan, Saudi Arabia and ACWA Power attended Tashkent & Sirdarya ceremonies

Following agreements signed in March 2020, cooperation between the Uzbekistan Ministry of Energy, the Ministry of Investments and Foreign Trade, and ACWA Power has led to three major milestones in the development of power projects to enable Uzbekistan’s ambitious energy transformation plan and increase energy capacity by 2500MW.

The ground-breaking ceremony of the 1500MW Sirdarya CCGT plant, followed by the signing of two Power Purchase Agreements and Investment Agreements for two wind power plants located in Bukhara and Navoi, was conducted in the presence of Deputy Prime Minister and Minister of Investments and Foreign Trade of the Republic of Uzbekistan, H.E. Sardor Umurzakov, and H.E. Alisher Sultanov, Energy Minister of the Republic of Uzbekistan, as well as a Saudi Arabian delegation led by H.E. Eng Khalid Al-Falih, Minister of Investment for Saudi Arabia and H.E. Hisham Mishal Al- Suwailem, the Saudi Ambassador to Uzbekistan. Other attendees included senior representatives from the Uzbekistan Ministry of Energy, Ministry of Investments and Foreign Trade, ACWA Power and Air Products.

ACWA Power will be delivering these three projects utilising its technical knowledge, expertise, and experience, to contribute directly to meeting Uzbekistan’s growing yearly electricity demand, which is expected to reach 110 billion kWh by 2030. The company’s contribution is also aligned with Uzbekistan’s national mandate to increase energy efficiency, introduce energy-saving technologies, and develop and implement renewable energy sources, under its recent energy sector reforms.

These visionary projects mark the start of a new chapter in the investment relationship between Saudi Arabia and Uzbekistan. As the Minister of Investment for Saudi Arabia, it is particularly pleasing to see a homegrown Saudi company such as ACWA Power supporting Uzbekistan to deliver such a vital component of its infrastructure investment program, which is central to the country’s economic transformation. The Ministry of Investment for Saudi Arabia is proud to have played a leading role in facilitating this momentous agreement,  H.E. Eng Khalid Al-Falih, Minister of Investment for Saudi Arabia