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The agreement is a milestone in ACWA’s ongoing partnership with Uzbekistan.
Acwa Power has entered a binding implementation agreement (IA) with Uzbekistan’s Ministry of Energy to develop up to two gigawatt hours (GWh) of standalone battery energy storage systems (BESS) capacity across the country.
The agreement, signed at the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan in November 2024, aligns with Saudi Arabia’s initiative to strengthen renewable energy cooperation with Azerbaijan, Kazakhstan and Uzbekistan.
Both parties have reiterated their commitment to renewable energy advancement and carbon emission reduction.
The IA builds on a memorandum of understanding signed during the Tashkent Investment Forum in May 2024.
The deal gives ACWA Power contractual priority to develop 2GWh of new BESS capacity in Uzbekistan, which will enable the company to offer competitive tariffs.
The two-year agreement, extendable by mutual consent, will see ACWA Power and the Ministry of Energy collaborate on feasibility studies to determine the most suitable locations for the BESS projects.
ACWA Power’s involvement in Uzbekistan’s renewable energy sector is already substantial, as the country is its second-largest market after Saudi Arabia.
The deal underscores Uzbekistan’s commitment to adopting advanced technologies to improve its national power system and manage the integration of renewable energy sources more effectively.
ACWA Power vice-chairman and managing director Raad Al Saady stated: “This agreement marks a key milestone in the evolution of our ongoing partnership with Uzbekistan.
“Crucially, as the largest investor in Uzbekistan’s energy sector, with over 13GW of projects under development, this new agreement represents our shared vision for a sustainable future for all.
“Today, we reiterate our support for the country’s energy transition through advanced battery storage solutions. The agreement not only strengthens our leadership in energy storage technologies but also demonstrates our commitment to delivering reliable and sustainable energy solutions across Central Asia.” |
