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Saudi Arabian utility developer ACWA Power has signed three new agreements worth up to $2.5 billion with the Ministry of Energy of Uzbekistan.
The deals include a $1.2 billion 25-year Power Purchase Agreement (PPA) and Investment Agreement for the construction and operation of a 1500 MW Combined Cycle Gas-Turbine (CCGT) power plant.
A second implementation agreement was signed for a $550 million-$1.1 billion project for building 500-1000 megawatts (MW) wind power plants.
“These newly agreed power projects represent a historic milestone for Uzbekistan and support our mission to strengthen energy security through self-sufficient power sources,” Alisher Sultanov, Minister of Energy of Uzbekistan said in a statement.
“ACWA Power’s focus on smart, energy efficient technologies will provide more than 2000 MW of added power and enable us to achieve a more sustainable, secure and affordable energy ecosystem for our country,” he added.
(Writing by Nada Al Rifai, Editing by Seban Scaria)
#power #saudiarabia #investment #utility #energy
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