ACWA Power begins commercial operations at 2 major wind projects in Uzbekistan
RIYADH: Saudi utility giant ACWA Power has commenced commercial operations at two major wind power plants in Uzbekistan.
ACWA Power holds a 65 percent stake in both projects, having sold a 35 percent share to China Southern Power Grid International in July.
According to the company's statement on Tadawul, both the 500-megawatt Dzhankeldy Wind Power Plant, which began commercial operations on April 1, and the 500-MW Bash Wind Power Plant, which started operations on April 6, are now fully operational.
Uzbekistan aims to generate 40 percent of its electricity from renewable sources by 2030, a critical milestone in its plan to achieve 20 gigawatts of clean energy capacity by the decade's end. The nation is prioritizing the expansion of solar, wind, and hydroelectric energy, leveraging its natural resources to decrease reliance on fossil fuels, cut carbon emissions, and enhance energy security.
In December, Mohammad Abunayyan, chairman of ACWA Power's board of directors and head of the Saudi-Uzbek Business Council, highlighted the progress in his firm's partnership with the Uzbek government. He emphasized ACWA Power's role as a major strategic investor in the nation's rapidly growing clean energy sector.
Abunayyan said: 'Today's groundbreaking highlights the multitude of large-scale foreign direct investments and commendable efforts by Uzbekistan to strengthen the potential of the country's energy system and capacity. It also paves the way for the commencement of ACWA Power projects that are expected to yield widespread benefits for Uzbekistan's key regions and communities.'
During the December inauguration of the projects, Saudi Energy Minister Prince Abdulaziz bin Salman joined virtually and praised the strong relationship between the Kingdom and Uzbekistan.
He highlighted the collaborative efforts across various sectors, particularly energy, which have delivered mutual benefits to both nations, according to a statement from the company.
The Saudi minister also praised the economic cooperation between the two countries, particularly in the context of Saudi Vision 2030 and Uzbekistan Strategy 2030.
He stressed their shared goals of economic development, diversification, renewable energy, and sustainable growth, as well as Saudi Arabia's growing investment in Uzbekistan's electricity sector amid the country's energy transition.
Uzbekistan is a key foreign market for ACWA Power, which has been significantly involved in the country's renewable energy sector in recent years.
The company stated that the financial impact of both projects will be included in its statements starting in the second quarter of 2025.
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