ACWA Power, a global leader in the development, investment, and operation of energy projects, has entered into a strategic partnership with Ipoteka Bank to develop a state-of-the-art 1,500 MW Combined Cycle Gas Turbine (CCGT) plant in Uzbekistan’s Sirdarya region. This partnership represents a step towards advancing the country’s energy infrastructure and supporting its sustainability goals.
The $1.02bn project is expected to be one of Uzbekistan’s most efficient power plants, with an impressive 60.8% efficiency rate. Once operational, the plant will reduce natural gas consumption by over 40% and lower carbon emissions by 200,000 cubic meters annually. This innovative project will also create more than 1,300 local jobs, further contributing to the country’s economic growth.
ACWA Power is taking a leading role in the project’s development, bringing its extensive experience in renewable and thermal energy to Uzbekistan. A Saudi-listed company, is the world’s largest private water desalination firm, a pioneer in green hydrogen, and a leader in energy transition. Founded in 2004 in Riyadh, Saudi Arabia, the company employs more than 4,000 people and operates across 13 countries in the Middle East, Africa, Central Asia, and Southeast Asia. In May, ACWA Power’s portfolio in Uzbekistan exceeded 11 GW, with investments focused on sustainable energy solutions and supporting the country’s decarbonization goals.
Ipoteka Bank has provided a $40mn Working Capital Facility to ACWA Power Syrdarya as part of the project financing, marking an achievement in Uzbekistan’s local banking sector. The project is also backed by international financial institutions, including the European Bank for Reconstruction and Development (EBRD), DEG, and the Asian Infrastructure Investment Bank (AIIB).
With this partnership, ACWA Power is reinforcing its commitment to driving the global transition to sustainable energy while playing a key role in shaping Uzbekistan’s energy future.
The Sirdarya CCGT plant is set to serve as a model for high-efficiency power generation in Central Asia, positioning ACWA Power at the forefront of Uzbekistan’s energy sector evolution.
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