Saudi Press

Saudi Arabia and the world
Thursday, Apr 18, 2024

ACWA Power signs deals worth $100m with Uzbek energy companies 

ACWA Power signs deals worth $100m with Uzbek energy companies 

Strengthening bilateral energy relations between Saudi Arabia and Uzbekistan, ACWA Power Co. has inked agreements valued at $100 million with two Uzbek energy firms.
The Saudi company on Thursday penned a hydrogen purchase deal with Uzkimyosanoat, the state-owned chemical entity, and a power purchase contract with the National Power Grid of Uzbekistan, as per the company’s statement on Tadawul.

ACWA Power will procure a capacity of 3,000 tons of green hydrogen annually and renewable energy capacity of 52 to 100 megawatts from Uzbekistan’s inaugural green hydrogen plant, which the company is also developing.

The hydrogen and power contracts will span 15 and 25 years, respectively, encompassing project development, construction, and operation.

These contracts are projected to financially impact once the project achieves commercial operations, targeted for December 2024.

The green hydrogen plant is planned to link to an existing ammonia facility in Chirchiq, located 45 kilometers from the capital, Tashkent.

ACWA Power will manage the full integration chain for this existing infrastructure project to green hydrogen, anticipated to enhance the facility’s service factor and lessen its reliance on natural gas.

The energy firm currently has over five active projects in Uzbekistan, including four wind projects and a combined gas cycle turbine facility, with Uzbekistan being ACWA Power's second most valuable market after Saudi Arabia.

“Uzbekistan has emerged as one of the most exciting growth countries for ACWA Power in recent years and is our biggest investment geography outside of the Kingdom. We are proud that our giga scale development experience in green hydrogen is making us the preferred choice of partners across the world,” Mohammad Abunayyan, chairman at ACWA Power, said in January.

“Green hydrogen is considered to be the fuel of the future and we are confident of applying our global expertise in accelerating the development of this vital source of clean energy for Uzbekistan,” Abunayyan added.

The firm operates in 12 countries, with total investments worth $74.8 billion and 72 assets.

Furthermore, in the first quarter of 2023, the company reported a consolidated net profit of SR270 million ($71.9 million), a 78 percent rise compared to the same period the previous year.

Related Articles

Saudi Press
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh