UAE - Following agreements signed in March 2020, cooperation between the Uzbekistan Ministry of Energy, the Ministry of Investments and Foreign Trade, and Acwa Power has led to three major milestones in the development of power projects to enable Uzbekistan’s ambitious energy transformation plan and increase energy capacity by 2500MW.
The ground-breaking ceremony of the 1500MW Sirdarya CCGT plant, followed by the signing of two power purchase agreements and investment agreements for two wind power plants located in Bukhara and Navoi, was conducted in the presence of Deputy Prime Minister and Minister of Investments and Foreign Trade of the Republic of Uzbekistan, Sardor Umurzakov, and Alisher Sultanov, Energy Minister of the Republic of Uzbekistan, as well as a Saudi Arabian delegation led by Khalid Al-Falih, Minister of Investment for Saudi Arabia and Hisham Mishal Al- Suwailem, the Saudi Ambassador to Uzbekistan.
Acwa Power will be delivering these three projects utilising its technical knowledge, expertise, and experience, to contribute directly to meeting Uzbekistan’s growing yearly electricity demand, which is expected to reach 110 billion kWh by 2030. The company’s contribution is also aligned with Uzbekistan’s national mandate to increase energy efficiency, introduce energy-saving technologies, and develop and implement renewable energy sources, under its recent energy sector reforms.
Khalid Al-Falih, Minister of Investment for Saudi Arabia, said: “These visionary projects mark the start of a new chapter in the investment relationship between Saudi Arabia and Uzbekistan. As the Minister of Investment for Saudi Arabia, it is particularly pleasing to see a homegrown Saudi company such as Acwa Power supporting Uzbekistan to deliver such a vital component of its infrastructure investment program, which is central to the country’s economic transformation. The Ministry of Investment for Saudi Arabia is proud to have played a leading role in facilitating this momentous agreement.”
“Acwa Power is a true Saudi success story and a cornerstone of the Kingdom’s burgeoning private sector. This growth is being supported by various business-friendly reforms introduced by the Ministry of Investments and Foreign Trade. I am confident that this partnership signals the start of further collaborations in the trade and investment space for both of our nations,” he said.
He also praised the prominent role the Ministry of Energy in the Kingdom of Saudi Arabia played to facilitate the agreements signed, encouraging Uzbekistan to benefit from the expertise of the Saudi Ministry of Energy in the field of energy – particularly clean and renewable energy.
Alisher Sultanov, Minister of Energy of Uzbekistan, said: “Most importantly, today’s milestones show that we are delivering on our promises. Enhancing Uzbekistan’s clean energy capacity involves many developmental and investment targets to be hit, over a period of time. By executing our plans efficiently, we will only attract more investment to Uzbekistan, and improve our nation’s energy status. The Ministry extends its deep thanks to Acwa Power and the wider Saudi delegation for making this triumph happen. We look forward to a long and fruitful working relationship.”
Acwa Power is also committed to training and upskilling 1000 local employees in Uzbekistan during the project’s construction and operation phases, generating long-term, socio-economic value through knowledge sharing and job creation.
Mohammad Abunayyan, chairman of Acwa Power, said: “As a proud Saudi company, we are privileged to play a vital role in supporting Uzbekistan’s decarbonisation efforts and energy transformation, stemming from the international cooperation between Saudi Arabia and Uzbekistan under their progressive and visionary leadership."
"Through the addition of new renewable energy capacity, exploration of innovative technologies and the advancement of cleaner, more efficient and cost-competitive gas power, Acwa Power is expanding its presence in Uzbekistan, a high growth market, leveraging our global expertise and technical know-how to create long-term and sustainable value for the country’s local communities,” he added.
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