Saudi Arabia's ACWA Power to build two wind farms in Uzbekistan, attract over $1 bln in investments

MOSCOW. March 7 (Interfax) - Saudi Arabia-based ACWA Power Company estimates investments to construct two wind-power plants at overall capacity of 800 MW in Uzbekistan at $1.085 billion.

Uzbek President Shavkat Mirziyoyev has approved the investment agreements concluded between the republic's government and ACWA Power on wind farm construction projects in Karakalpakstan at 500 MW and in the Bukhara Region at 300 MW by the resolutions that were published in the national legislative base

The agreement on the construction of a wind farm in the Kungrad district of Karakalpakstan envisages attracting foreign direct investment at $682 million, assuming the possible risks, and in the Gijduvan District of the Bukhar Region at $403 million according to preliminary calculations.

The documents envisage the design, financing, construction, and operation of wind farms and overhead power lines by investors and project companies.

The presidential resolution has also approved agreements concluded between JSC National Electric Grids of Uzbekistan and project companies established under the investor on the purchase of electrical energy for 25 years.

Energy projects totaling $7.5 billion are being implemented with the participation of ACWA Power in Uzbekistan.

Generating capacity of all Uzbekistan's power plants is around 14.3 GW. In 2021-2023, seven solar power stations at total capacity of 2.1 GW have been built in the country. Oil and gas account for more than 90% as part of the country's fuel and energy resources.