Acwa Power’s 500 MW Dzhankeldy and 500 MW Bash Wind projects in Uzbekistan have begun commercial operations, according to Tadawul disclosures issued Sunday here and here. The financial impact of the operations is expected to be reflected in 2Q 2025.

Background: The company signed 25-year power purchase agreements back in December with the National Electrical Grid of Uzbekistan for both projects, which included a 128 km transmission line for Dzhankeldy and a 160 km one for Bash. The OPEC Fund approved two USD 20 mn loans to finance the projects in April 2023.

Who owns what? Acwa now owns 65% of the USD 1.3 bn projects after it offloaded a 35%stake back in June to China Southern Power Grid’s global investment arm China Southern Power Grid International for SAR 596 mn (c. USD 159 mn).

Acwa 💚 Uzebkistan: 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 2024, 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 worth around USD 13.9 bn.

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