<\/p>\n\n\n\n
Inks three major\ndevelopment agreements valued at more than US$12billion on the occasion of the\nstate visit of H.E. Shavkat Mirziyoyev, President, Republic of Uzbekistan to\nthe Kingdom of Saudi Arabia<\/em><\/p>\n\n\n\n Jeddah,\nKingdom of Saudi Arabia, August 18, 2022<\/em><\/strong>:\n<\/em> ACWA Power,a leading Saudi developer, investor, and operator of power\ngeneration, water desalination and green hydrogen plants worldwide, signed three\nmajor agreements with the government of the Republic of Uzbekistan. The first\ninvolves a Heads of Terms agreement for the development of a 1.5GW wind farm in\nKarakalpakstan; the second is an Investment Cooperation Agreement to jointly\ndevelop gas-to-power, renewable energy, and green hydrogen projects in\nUzbekistan; and the third is related to charting a roadmap for the investment\nof green hydrogen in the Republic of Uzbekistan in collaboration with Air\nProducts.<\/p>\n\n\n\n The agreements were\nsigned on the occasion of the state visit of H.E. Shavkat Mirziyoyev,\nPresident, Republic of Uzbekistan to the Kingdom of Saudi Arabia, in the\npresence of His Excellency Eng. Khalid bin Abdulaziz Al-Falih, Minister of\nInvestment of Saudi Arabia; His Excellency Jamshid Khojayev, Deputy Prime\nMinister and Minister of Investment and Foreign Trade of the Republic of\nUzbekistan; Azim Akhmedkhojaev, First Deputy Minister\nof Energy of the Republic of Uzbekistan; and Shukhrat Vafaev, Deputy\nMinister of Investment and Foreign Trade; and Mohammad Abunayyan, Chairman of\nACWA Power.<\/p>\n\n\n\n The initiation of new projects is a part of\nthe Uzbek government\u2019s long-term strategy to diversify the country\u2019s energy mix,\nwhich targets 8 GW and 12 GW of solar and wind capacity by 2026 and 2030,\nrespectively.<\/p>\n\n\n\n \u201cWe\nare very pleased to further develop our cooperation with Saudi Arabia and with\nACWA Power. ACWA Power is already implementing four energy projects in\nUzbekistan, so these new ventures are based on a strong foundation of\npartnership and trust. This partnership will be a major contribution to\nUzbekistan’s achievements in developing and modernising the energy sector, and\nspecifically our dedication to green energy. The joint projects will also give\nus access to the most modern technologies,\u201d said Azim Akhmedkhojaev,\nFirst Deputy Minister of Energy of the Republic of Uzbekistan.<\/strong><\/p>\n\n\n\n “Uzbekistan today is at the forefront of\nenergy transition in central Asia. With the signing of these key agreements with Uzbekistan\u2019s Ministry of Investments &\nForeign Trade and Ministry of Energy, Uzbekistan will become the second largest\ncountry for ACWA Power in terms of overall investment\n<\/em>and\nwe are proud to play a vital\nrole in supporting the nation\u2019s decarbonisation efforts, stemming from the strong\ninternational cooperation between Saudi Arabia and Uzbekistan under their\nvisionary leadership\u201d. Said\nMohammad Abunayyan, Chairman of ACWA Power.<\/strong><\/p>\n\n\n\n \u201cOn this great occasion, I express my deepest\ngratitude to H.E. Shavkat Mirziyoyev,\nPresident, Republic of Uzbekistan, and our partners in the Uzbek Ministry of Energy and the Ministry of Investment\n& Foreign Trade for their trust and\ncommitment in achieving this important milestone. I would like to also thank\nH.R.H. Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy,\nfor his tremendous guidance and support in enabling these truly fruitful\npartnerships. As we look together towards the future, we are confident of\ndelivering our commitments with the highest global standards of quality and\ncompetitive costs and achieving positive impact on the economy and society\nthrough our firm focus on local talent development\u201d, Abunayyan<\/strong> added.<\/strong><\/strong><\/p>\n\n\n\n The 1.5GW\nKarakalpakstan wind project, located in north-western Uzbekistan, would be one\nof the biggest\nsingle-site onshore wind projects in Central Asia and the world. The Heads of Terms\nagreement signed between ACWA Power and Uzbekistan\u2019s Ministry of Energy and\nMinistry of Investment & Foreign Trade lays the foundation on which a power\npurchase agreement and investment agreement for the facility would be initiated.\nIt was signed by Mohammad Abunayyan, chairman of ACWA Power, Shukhrat Vafaev, Deputy\nMinister of Investment and Foreign Trade, and Azim Akhmedkhadjaev, First Deputy\nMinister of Energy. <\/p>\n\n\n\n Valued at c.US$2.4billion,\nthe project is expected to achieve financial close by the end of 2023 and be\nfully commissioned by the first quarter of 2026. When complete, the facility is expected to power 1.65 million households and offset 2,4 million\ntonnes of carbon emissions\nper year. <\/p>\n\n\n\n The company also signed\nan Investment Cooperation Agreement (ICA) with the same ministries, whereby all\nparties will collaborate to develop projects in gas-to-power, wind,\nhydroelectric and green hydrogen projects valued at US$10billion over a\nfive-year period, starting 2023. Signatories to the ICA were Mohammad\nAbunayyan, Shukhrat Vafaev, and Azim Akhmedkhadjaev.<\/p>\n\n\n\n Acknowledging the\nimportance of green hydrogen generation to the vision of His Excellency\nPresident Shavkat Mirziyoyev, ACWA Power and Air Products along with the Uzbek\nMinistry of Energy are charting a roadmap to the investment efforts in this\nfield. This agreement is the second phase of the previous MoU signed during the\nvisit of the Saudi Arabian delegation to the Republic of Uzbekistan in January\n2021. Mohammad Abunayyan, chairman of ACWA Power, Azim Akhmedkhadjaev, First\nDeputy Minister of Energy of the Republic of Uzbekistan, and Dr. Peter Hortig\nfrom Air Products, attended the signing ceremony.<\/p>\n\n\n\n \u201cAs the world\u2019s leading supplier of hydrogen and clean energy\nmegaprojects, we are honored to continue our collaboration with ACWA Power and\nthe Republic of Uzbekistan, exploring clean energy solutions that support\nUzbekistan\u2019s drive for decarbonization and energy security for its people,\u201d\nsaid Seifi Ghasemi, Air Products\u2019 Chairman, President and Chief Executive\nOfficer.<\/strong><\/p>\n\n\n\n The\ndevelopment, construction, and operation of one of the largest wind farms in\nthe Central Asian region and the world by a Saudi company along with the joint\nexploration of opportunities to further develop clean energy sources reflects\nthe Kingdom\u2019s leadership in the field of energy and its capability to develop\nthe human and technical potential for Saudi companies, especially in the renewables\nsphere.<\/p>\n\n\n\n The 1.5GW\nKarakalpakstan wind project is ACWA Power\u2019s fifth project in Uzbekistan. The\ncompany\u2019s Uzbek portfolio also includes three wind farms, and a combined cycle\ngas turbine project. With the signing of the current\nkey agreements, Uzbekistan\nwill become the second largest country for ACWA Power in terms of overall\ninvestment.<\/em><\/p>\n\n\n\n ACWA\nPower remains focused on extending its leadership in high-growth markets\nthrough operational excellence and technological expertise, delivering power\nand desalinated water to communities in thirteen countries worldwide.<\/p>\n","protected":false},"excerpt":{"rendered":" Inks three major development agreements valued at more than US$12billion on the occasion of the state visit of H.E. Shavkat Mirziyoyev, President, Republic of Uzbekistan to the Kingdom of Saudi Arabia Uzbekistan will become the second largest country for ACWA Power in terms of overall investment Company formalises agreement for c.US$2.4billion 1.5GW wind farm in …<\/p>\n","protected":false},"author":2,"featured_media":55296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-55313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n