ACWA Power signs $2.5bn solar plant contract with Uzbekistan   

ACWA Power signs $2.5bn solar plant contract with Uzbekistan   
The project, upon completion, is expected to offset 1.6 million tons of carbon emissions per year and power 1.1 million homes. (Supplied)   
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Updated 19 March 2023
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ACWA Power signs $2.5bn solar plant contract with Uzbekistan   

ACWA Power signs $2.5bn solar plant contract with Uzbekistan   

RIYADH: Saudi Arabia’s ACWA Power has signed three power purchase agreements worth $2.5 billion with the National Electric Grid of Uzbekistan to build solar photovoltaic power plants in the Central Asian country.    

The company said in a bourse filing that the plants will be located in Tashkent, Samarkand and Bukhara regions of Uzbekistan.  

According to the statement, the project, upon completion, is expected to offset 1.6 million tons of carbon emissions per year and power 1.1 million homes.    

ACWA Power further noted that the power purchase agreement covers three solar PV plants at the site, one developing 400 megawatts of wind power and the other two developing 500 megawatts.    

The agreement also covers three Battery Energy Storage Systems with a total combined capacity of 1,500 megawatts.  

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 to materialize once the plants become commercially available expected currently expected in third quarter of 2025 and the third quarter of 2026,” said ACWA Power in the filing.