Latest news with #UzbekistanStrategy2030
Leaders
07-04-2025
- Business
- Leaders
ACWA Power Starts Commercial Operations at Two Uzbek Wind Plants
ACWA Power, a Saudi operator of power generations and desalinated water plants, has begun its commercial operations at two wind power plants in Uzbekistan, according to Arab News. The company commenced operations at the 500-megawatt Dzhankeldy Wind Power Plant on April 1. Meanwhile, the commercial operations started at the 500-MW Bash Wind Power Plant on April 6. Currently, the Saudi utility giant owns a 65% stake in both projects, as it sold a 35% share to China Southern Power Grid International in July. '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,' Mohammad Abunayyan, Chairman of ACWA Power's Board of Directors and Head of the Saudi-Uzbek Business Council, said. Importantly, Uzbekistan seeks to generate 40% of its electricity from renewable sources by 2030. Moreover, it has set a bold goal to secure 20 gigawatts of clean energy capacity by 2030. The inauguration ceremony of the projects highlighted the virtual attendance of Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman who commended the deep ties between the Kingdom and Uzbekistan. The minister also noted that the Saudi-Uzbek economic collaboration aligns with Saudi Vision 2030 and Uzbekistan Strategy 2030. Looking ahead, ACWA Power revealed that they will include the financial impact of both wind power plants in its statements in Q2 2025. Related Topics: Saudi Arabia, Uzbekistan Sign Digital Partnership Agreement Saudi ACWA Power Signs $150m Deal for 3 Uzbek Wind Power Plants ACWA Power, Uzbekistan Sign $4.85B Agreement for Wind Farm Short link : Post Views: 5
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.
