ACWA Power inks $2.4 bln PPA with National Electric Grid of Uzbekistan

Logo of ACWA Power Co.

ACWA Power Co. signed, on Dec. 23, a $2.4 billion power purchase agreement (PPA) with the National Electric Grid of Uzbekistan to establish and operate three wind power plants, with a total capacity of 1.5 GW, in Kungrad.

In a statement to Tadawul, ACWA Power said the project will run for 25 years after completion. The contract entails development, construction and operation of the project.

The relevant financial impact will appear after the launch of commercial operations by Q3 2027.

The Kungrad Windfarm, formerly referred to as the Karakalpakstan Wind IPP, will be the largest single-site wind farm in Central Asia and one of the largest in the world. It is expected to reduce 2.4 million tons of carbon emissions per year and power 1.65 million households, when completed. 

The project will be divided among three companies, each signing a separate PPA to develop a 500 MW wind power plant in the Kungrad district.