Deals worth over $2 billion to strengthen Uzbekistan’s energy industry
Uzbekistan's Ministry of Energy announces the signing of new agreements with ACWA Power to amplify power generation and develop technical expertise.
Tashkent
Tashkent, Uzbekistan: The Ministry of Energy of Uzbekistan is pleased to announce the signing of three new strategic agreements, worth over $2 B, with the Saudi Arabian utility developer ACWA Power to amplify power generation and develop technical expertise.
The three agreements include: a 25 year Power Purchase Agreement (PPA) with a total investment value of $1.2 B for the development, construction and operation of a 1500 MW Combined Cycle Gas-Turbine (CCGT) power plant; an Implementation Agreement worth $550 M – $1.1 B for the building of a wind power plant with a capacity of 500 – 1000 MW of clean energy; Memorandum of Understanding (MOU) for the development of a training centre to enhance technical skills of Uzbek students.
As Uzbekistan fast tracks its ambitious energy diversification strategy, the 1500 MW CCGT power plant is set to contribute materially. The plant will be located in Shirin City in the Syrdarya region and will be developed under the ‘Build, Own, Operate, Transfer’ model. ACWA Power will take the lead in constructing, engineering, operating and maintaining the plant.
The agreements reflect Uzbekistan’s growing role in the global energy market, its commitment to energy security and use of the very latest technologies. It also demonstrates Uzbekistan is becoming an attractive destination for foreign investors.
Source: PR Newswire