ACWA Power announced the signing of three new strategic agreements, potentially worth up to USD 2.5bn, with The Ministry of Energy of Uzbekistan to amplify power generation and develop technical expertise.
The agreements include (1) A 25-year Power Purchase Agreement (PPA) and Investment Agreement – with a total investment value of USD 1.2bn – for the development/construction/operation of a 1500 MW Combined Cycle Gas-Turbine (CCGT) power plant. (2) An Implementation Agreement worth USD550 M USD 1.1bn for the building of wind power plants with a capacity of 500 1000 MW. (3) The third agreement is an MoU between the Ministry of Energy of Uzbekistan, Air Products & Chemicals and ACWA Power. This agreement entails training programs to bolster the technical expertise of students and professionals at one or more colleges in Uzbekistan. It will equip potential talent with the tools and knowledge to gradually support a local supply chain for the utilities and chemicals sectors in Uzbekistan.
The agreements reflect Uzbekistan’s growing role in the global energy market, its commitment to energy security and use of the latest technologies. It also demonstrates Uzbekistan is becoming an attractive destination for foreign investors.