Latest news with #Abunayyan
Arab News
06-04-2025
- Business
- Arab News
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.
Zawya
24-02-2025
- Business
- Zawya
More details unveiled about Egypt's largest wind farm by ACWA Power
Riyadh: ACWA Power will be carrying out the largest wind farm in Egypt with a significant investment of approximately $2.30 billion, according to a press release. The new project is surpassing the company's existing 1.1 GW Suez Wind Farm. In addition, the wind farm will be the largest single-asset Independent Power Producer (IPP) in Egypt, further solidifying ACWA Power's position as the largest renewable energy developer in the country as well as Africa based on contracted projects with a total investment of $8.80 billion and a gross capacity of 4.8 GW. The 2 GW wind project, which is targeted for Financial Close in 2026, will play an important role in supporting the Egyptian government to increase renewable energy share in its electricity generation mix to 42% by 2030. Moreover, the project is expected to reduce carbon dioxide emissions by more than 3.5 million tonnes annually, contributing significantly to Egypt's climate change mitigation efforts upon the 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for the landmark wind farm. Founder and Chairman of ACWA Power, Mohammad Abunayyan, said: 'Our agreement with EETC reinforces the strong and enduring partnership between ACWA Power and the Egyptian government, driving sustainable development with vigor over the past decade.' Abunayyan noted: 'It [the agreement] is a key step in expediting the country's highly inspiring and ambitious energy transition, with this project we confirm ACWA Power as the leading private investor in power in Africa.' ACWA Power has had a presence in Egypt since 2015 and currently has two other facilities in the country that are operational, including a 120 MW solar PV project in Benban, and a 200 MW solar PV facility in Kom Ombo. It is worth noting that the Saudi listed company penned a share purchase agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire assets worth $693 million in two Gulf countries.
