ACWA Power Saudi Arabia signed to contract With Uzbekistan’s national power grid, to build the largest wind farm in Central Asia and one of the largest in the world.
And the company announced it in a statement published on the market website.Tadawul Saudi ArabiaToday, Sunday, December 25 (2022), the power purchase contract with the Uzbek grid was signed, worth $2.4 billion, for a period of 25 years, starting from the completion of the construction.
The contract includes 3 companies in a project to generate electricity from Wind energy With a capacity of 1.5 gigawatts, in the Kungrad region of the Republic of Karakalpakstan, Uzbekistan, it will become the largest wind farm in Central Asia, according to the specialized energy platform.
Intended company Water Power Saudi Arabia expects the construction of the largest wind farm in Central Asia to be completed and the financial impact begins, with the start of commercial operations of the new wind farm project by Q3 2027.
The largest wind farm in Central Asia
Saudi company ACWA Power has announced that it will build the project, dividing it into 3 companies within the same site, as each company will specialize in developing a wind farm with a capacity of 500 megawatts, emphasizing that each of the project companies has entered into a separate contract for the purchase of electricity.
The company emphasized that the Congrad wind farm, formerly known as the standalone “Karakalpakstan” wind farm, will be Central Asia’s largest wind farm at one site, and is also one of the largest in the world.
In addition, Saudi Arabian company ACWA Power has signed an investment cooperation agreement worth $10 billion to develop gas, renewable energy and green hydrogen projects in Uzbekistan for a period of 5 years, starting in 2023.The national news“.
ACWA Power’s Renewable Energy Portfolio
The deal to develop Central Asia’s largest wind farm comes at a time when the Saudi firm continues to expand its global portfolio of renewable energy projects, the cooperation announced earlier this year 2022 with Omani company Okyo and Air Products to establish a unit for the production of green ammonia from hydrogen worth billions of dollars.
The Saudi renewable energy giant is also spearheading a project to develop a wind farm in Saudi Arabia Egypt With a capacity of 1.1 gigawatts, costing over $1.5 billion in Egypt, plus a number of other projects in different parts of the world.
Interestingly, ACWA Power was able, during the past year 2021, to raise $1.2 billion due to its listing on the Saudi Tadawul market, which makes it one of the largest share sales in the energy sector after the Saudi Aramco’s initial public offering to Tadawul in 2019, which reached a record $29.4 billion.
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