ACWA Power announces China’s Silk Road Fund as co-investor in US $1bln 1.5 GW Sirdarya project in Uzbekistan

• Share buy settlement first of its type between events in Uzbekistan and Central Asia
• As soon as operational in 2024, Sirdarya facility can be chargeable for 15% of energy demand and eight% of put in energy capability in Uzbekistan

Riyadh, KSA: ACWA Energy, a number one Saudi developer, investor, and operator of energy technology, water desalination and inexperienced hydrogen crops worldwide, and China’s Silk Street Fund signed a share buy settlement for the 1.5 GW Sirdarya mixed cycle gasoline turbine (CCGT) facility in Uzbekistan.

The partnership was formalised in a digital signing ceremony attended by Mohammad Abunayyan, ACWA Energy Chairman and ZHU Jun, Chairwoman of Silk Street Fund.

By the phrases of the settlement, ACWA Energy will proceed to be the bulk shareholder within the mission, holding 51% stake within the facility. The Silk Street Fund, which is China’s sovereign funding physique that implements the Belt and Street Initiative, will now personal 49% of the Sirdarya facility. The share buy settlement is anticipated to shut by This fall 2022.

Uzbekistan’s JSC Nationwide Grid will operate as the only off taker of the mission for a interval of 25 years. As soon as accomplished in early 2024, the mission accounts for 8% of the nation’s complete energy capability and meet 15% of the nation’s electrical energy demand throughout business and households.

“As ACWA Energy continues to develop globally, our mission to offer dependable, accountable, and reasonably priced energy and water can’t be achieved alone. Underneath our profitable public-private partnership mannequin, the help of world buyers like Silk Street Fund is vital in making certain the event of superior vitality infrastructure that advantages each nations and communities, and allows strong socio-economic progress.” stated Paddy Padmanathan, Vice Chairman and Chief Govt Officer, ACWA Energy. “We actually respect Silk Street Fund’s confidence in our capabilities and stay up for working with them on the benchmarking Sirdarya mission in Uzbekistan and collectively making a cleaner, greener future for all.”

The Sirdarya facility is ACWA Energy and Silk Street Fund’s first strategic partnership in Uzbekistan and Central Asia. On prime of such, ACWA Energy has three extra initiatives in Uzbekistan, mainly in wind vitality, whereas Silk Street Fund has invested within the Republic’s tradition, tourism, oil and gasoline sectors.

“The Sirdarya mission symbolizes the cooperation underneath the Belt and Street Initiative amongst China, Saudi Arabia and Uzbekistan. Silk Street Fund will companion with ACWA Energy to carry cleaner energy in a extra environment friendly option to native individuals,” stated ZHU Jun, Chairwoman of Silk Street Fund.

Positioned in Shirin, southern Uzbekistan, the mission will help the Republic of Uzbekistan in offering cost-effective and vitality environment friendly energy options for the residing communities and displace 2 million tonnes of carbon emissions per yr.

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About ACWA Energy

ACWA Energy (TADAWUL:2082) is a developer, investor and operator of energy technology, desalinated water and inexperienced hydrogen manufacturing crops. Registered and established in 2004 in Riyadh, Saudi Arabia; ACWA Energy employs over 3,900 individuals and is presently current in 13   international locations within the Center East, Africa, Central Asia and Southeast Asia. ACWA Energy’s portfolio includes 67  initiatives in operation, superior improvement, or development with an funding worth of SAR 249.3 billion (USD 66.5), with capability to generate 42.7 GW of energy and produce 6.2 million m3/day of desalinated water per day, delivered on a bulk foundation to handle the wants of state utilities and industries on long run, off-taker contracts underneath utility providers outsourcing and Public-Personal-Partnership fashions.

ACWA Energy’s mission is to ship electrical energy and desalinated water reliably and responsibly at a low price, thereby contributing successfully to the sustainable, social and financial improvement of communities.

Media contacts:
ACWA Energy
Sabina Khandwani
Govt Director – Advertising & Communications
SKhandwani@acwapower.com

Mohamed Yousef Ibrahim
Senior Supervisor, Exterior Communications- KSA
mibrahim@acwapower.com