Acwa Power sells down its stake in Uzbek projects: Renewables giant Acwa Power has offloaded 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 596 mn (c. USD 159 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.

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Acwa has bigger wind projects in the country: The company signed a SAR 18.2 bn (c. USD4.9 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 productionfacility — 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.

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