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Wednesday, Feb 08, 2023

Saudi Arabia’s ACWA Power signs $2.4bn wind energy PPA with Uzbekistan

Saudi Arabia’s ACWA Power signs $2.4bn wind energy PPA with Uzbekistan

Saudi Arabia’s ACWA Power has signed a power purchase agreement with the National Electric Grid of Uzbekistan to build three wind power plants in the Central Asian country. 
The $2.4 billion Kungrad wind farm project will be executed through special-purpose vehicles in the north-western Karakalpakstan region of Uzbekistan, ACWA Power said in a bourse filing to the Tadawul stock exchange.  

According to the statement, the wind farm, upon completion, is expected to offset 2.4 million tons of carbon emissions per year and power 1.65 million homes.  

ACWA Power further noted that the power purchase agreement covers three wind power plants at the site, each developing 500 megawatts of wind power.  

The bourse filing added that the deal covers the development, construction and operation of the project, and the contract has a duration of 25 years upon the completion of the project.  

“The financial impact of the contracted revenues is expected once the project achieves project commercial operating date on the third quarter of 2027,” said ACWA Power in the filing.  

Formerly known as Karakalpakstan Wind Independent Power Producer, the Kungrad wind facility is touted to be the largest single-site wind farm in Central Asia and one of the biggest worldwide.  

ACWA Power has been steadily expanding its global footprint over the years and is now one of the biggest names in the energy sector globally.  

Earlier in November, ACWA Power signed a memorandum of understanding with Indonesia’s state-owned electricity provider to develop battery storage for renewable energy facilities and green hydrogen development in the Asian country.  

In September, during an exclusive interview with Arab News on the sidelines of the Future Desalination Forum, ACWA Power’s CEO Paddy Padmanathan said that the company is planning to expand its water desalination plants in the Middle East and Africa within the next few years, especially in Egypt and Morocco.  

During the UN Climate Change Conference in November, ACWA Power’s Chairman Mohammed Abunayyan said that the company intends to save up to 9.5 million tons of carbon per year by 2025.  

Abunayyan also noted that the firm is planning to supply green hydrogen to the world and it has many projects in its pipeline dispersed from Oman to Egypt to Thailand and even Morocco. 

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