ACWA Power, the prominent Saudi-listed global leader in energy transition and renewable energy solutions, announced the completion of a Sale and Purchase Agreement(s) to sell 35% of its shareholding in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited to China Southern Power Grid International (HK) Co. (CSGIHK), the global investment and development arm of China Southern Power Grid (CSG).
The transaction, celebrated with a closing ceremony in Tashkent, Uzbekistan, marks the first co-investment between the two entities for large-scale renewable energy projects in Central Asia. Attending the ceremony were key figures including Jurabek Mirzamakhmudov, Minister of Energy of Uzbekistan; Umid Mamadaminov, Deputy Minister of Energy of Uzbekistan; Hamud Turki Almutairi, Deputy Saudi Ambassador to Uzbekistan; Abdullajon Otaboev, Deputy Director of Energy Market Development and Regulatory Agency; Marco Arcelli, Chief Executive Officer of ACWA Power; and Tang Yifeng, Vice President of CSG.
Strategic Partnership and Project Details
The agreement encompasses ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited, which collectively own 100% stake in ACWA Power Bash Wind "Bash" and ACWA Power Dzhankeldy "Dzhankeldy." These projects boast a combined capacity of 1 gigawatt (GW) and require an investment exceeding $1.3bn.
Impact and Vision
Upon completion, the Bash and Dzhankeldy wind power plants are poised to become flagship renewable energy initiatives in Central Asia, aligning with Uzbekistan's ambitious goals outlined in the Uzbekistan-2030 Strategy. ACWA Power's commitment to Uzbekistan, its second-largest market in terms of investment, shows its dedication to advancing sustainable energy solutions in the region.
Marco Arcelli, CEO of ACWA Power, expressed enthusiasm about the collaboration, emphasizing the transformative impact of the partnership in the renewable energy sector.
"Through strategic collaboration with China Southern Power Grid International, we are proud to announce a significant milestone in our journey towards sustainable energy solutions. This historic partnership not only enhances ACWA Power's global presence but also strengthens ties between industry leaders from different regions" Arcelli stated.
Tang Yifeng, Vice President of China Southern Power Grid Co., Ltd (CSG), highlighted the strategic importance of leveraging synergies between ACWA Power and CSGIHK.
"By working together, we aim to develop benchmark projects that contribute to the implementation of Uzbekistan's long-term strategic goals," Tang commented.
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