Acwa Power has signed a heads of terms agreement with the Uzbek government to build a 1,500 MW wind project, located in Karakalpakstan, Uzbekistan. The US$2.4bn project is expected to reach financial close by the end of 2023 and to enter commercial operations in early 2026. The company signed an implementation agreement with Uzbekistan for the project in May 2021.
Acwa Power is currently building 2 wind plants with a total capacity of 1,000 MW in the Bukhara region and a 100 MW plant in the Karauzyak region. In addition, a 1,500 MW CCGT plant owned and operated by the Saudi company is under construction in Shirin. Commissioning is scheduled by end-2023.
The country intends to build 5 GW of solar, 3 GW of wind, and 1.9 GW of hydropower capacities by 2030 to cover 25% of the power mix (up from 9% in 2021). Uzbekistan has a total electricity capacity of 16.4 GW (end of 2020), with 59% of gas, followed by coal (17%), oil (12%) and hydro (12%).
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