ACWA Power (TADAWUL:2082) has signed deals to build two solar parks with a combined capacity of 1.4 GW and add battery storage of 1.2 GW in Uzbekistan, the country's Energy Ministry said over the weekend.
In detail, the plan envisages the construction of a 400-MW solar plant and a 400-MW energy storage system in the Tashkent region, a 1,000-MW solar park and a 400-MW energy storage facility in the Samarkand region, as well as 400 MW of energy storage in the Bukhara region. The projects also include the construction of power transmission networks.
The Saudi company has signed investment agreements with the Ministry of Investments, Industry and Trade of Uzbekistan as well as offtake deals with National Electric Grid of Uzbekistan for the projects.
During the event, the construction of a 400-MW solar park was launched in Tashkent province. Once up and running, the facility is expected to generate 900 million kWh of electricity annually, replacing 257 million cubic metres of natural gas.
The latest investment deals follow the signing of cooperation between ACWA Power and Uzbekistan's Ministry of Energy in August 2022 under which the Riyadh-based company plans to invest USD 10 billion (EUR 9.43bn) in the Central Asian country within five years.
ACWA Power's large-scale plans support Uzbekistan's goal to raise the share of renewables in the electricity mix to 35% by 2030.
(USD 1 = EUR 0.943)
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