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Acwa Power sells down its stake in Uzbek projects: Saudi’s renewables giant Acwa Power has sold a 35% stake in its Bash and Dzhankeldy 1 GW wind projects in Uzbekistan to China Southern Power Grid ’s global investment arm China Southern Power Grid International for SAR 595.9 mn (c. USD 158.9 mn), Acwa said in a statement. The total investment ticket for both projects — the 500 MW Dzhankeldy wind farm and the 500 MW bash wind plant — is around USD 1.3 bn.
About the wind farms: The Dzhankeldy project cost USD 658 mn, while the Bash plant cost USD 690 mn, with both receiving funding from the European Bank for Reconstruction and Development and the Asian Development Bank, according to Bankwatch Network. The China Energy Engineering Group was the lead coordinator for the projects, which are located in the Bukhara region. The network outlined issues facing the plants, including its interference with the biodiversity of the plot of land, which is categorized as a reserve and sanctuary.
Building on prior agreements: The acquisition marks the first co- investment between the two companies for a large-scale renewable energy project in Central Asia, the statement added. This follows framework agreements signed in 2022 between Acwa and Chinese companies, that lay the ground for financing, investment and construction of Acwa's renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.
Acwa has bigger wind projects in the country: The company signed a SAR 18.2 bn (c. USD 4.9 bn) power purchase agreement with the National Electric Grid of Uzbekistan (Negu) to develop a new 5 GW wind farm — set to become the largest in Central Asia — in May. It also signed a SAR 985 mn (c. 262.6 mn) power purchase agreement to develop the 200 MW Nukus 2 wind project in April, and a USD 2.4 bn agreement with the National Electric Grid of Uzbekistan for a 1.5 GW wind energy farm in January 2024. Acwa has a total of 15 projects in Uzbekistan for around USD 13.9 bn.
Hydrogen is on the list too: Acwa also began construction on its green hydrogen production facility — expected to be commissioned in December 2024 — in Tashkent last year. The plant will be connected to an existing ammonia production plant in Tashkent and will generate 3k tons of green hydrogen annually during its initial production phase.
