ACWA Power sells stake in Sirdarya power plant in Uzbekistan

Saudi power agency ACWA Energy has signed a share buy settlement with the Chinese language state-owned Silk Highway Fund to promote its 49% stake within the Sirdarya combined-cycle gasoline turbine (CCGT) facility in Uzbekistan.

ACWA Energy will proceed to carry a 51% stake within the $1bn facility, which has 1.5GW of capability.

Positioned in Uzbekistan’s Shirin area, Sirdarya is anticipated to supply cost-effective power for residents whereas displacing two million tonnes of carbon emissions a yr.

The challenge is anticipated to return on-line in early 2024.

As soon as operational, it would have the capability to fulfill 8% of the nation’s complete energy capability and meet 15% of electrical energy demand throughout trade and households.

Electrical energy generated by the Sirdarya plant will probably be delivered to Uzbekistan’s JSC Nationwide Grid for a interval of 25 years.

ACWA Energy vice-chairman and CEO Paddy Padmanathan mentioned: “As ACWA Energy continues to broaden globally, our mission to supply dependable, accountable, and reasonably priced energy and water can’t be achieved alone.

“Below our profitable public-private partnership mannequin, the help of world buyers like Silk Highway Fund is crucial in guaranteeing the event of superior power infrastructure that advantages each nations and communities, and permits strong socio-economic progress.”

The deal is anticipated to shut by the fourth quarter of this yr.

Along with the CCGT facility, ACWA Energy has an additional three tasks in Uzbekistan, most of that are wind power belongings.

Silk Highway Fund chairwoman Zhu Jun mentioned: “The Sirdarya challenge symbolises the cooperation beneath the Belt and Highway Initiative amongst China, Saudi Arabia and Uzbekistan.

“Silk Highway Fund will companion with ACWA Energy to deliver cleaner energy in a extra environment friendly option to native folks.”

Final month, ACWA Energy signed an settlement with Uzbekistan’s Ministry of Vitality to develop a 1.5GW onshore wind challenge.