The Ministry of Energy of Uzbekistan and Saudi Arabia's ACWA Power inked a $1.1bn deal at the COP-29 conference in Baku, Azerbaijan, to construct electricity storage systems with a total capacity of 2,000 megawatt-hours (MWh) across Uzbekistan.
This project aims to bolster the nation’s energy infrastructure by introducing advanced storage solutions.
Comprehensive studies of Uzbekistan’s energy system will guide the selection of regions where the systems will be gradually deployed. The initiative is set to generate over 1,000 jobs during construction, contributing significantly to local employment.
Earlier, the Saudi firm partnered with Ipoteka Bank to develop a 1,500 MW Combined Cycle Gas Turbine (CCGT) plant in the Sirdarya region. Valued at $1.02bn, the plant is designed to be one of the country’s most efficient, achieving a 60.8% efficiency rate. Once operational, it is expected to reduce natural gas consumption by over 40% and cut annual carbon emissions by 200,000 cubic meters.
In October, Anthony Brinkhuizen, ACWA Power’s Vice President for Construction in Central Asia, stated that the company is committing around $15bn to green energy initiatives in Uzbekistan.
Of the 15 planned projects, two are already operational and supplying electricity, while six are under active construction with a target completion date of 2025. Brinkhuizen emphasized that the company is on track to bring all 15 projects online by 2030, aligning with Uzbekistan's push for a sustainable energy future.
Uzbekistan stands as ACWA Power's second-largest investment destination, with 15 active projects supporting the nation’s energy transition and sustainable development goals, aligning with President Shavkat Mirziyoyev's strategic vision.
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