22 April 2022

“ACWA Power” intends to strengthen its position in Uzbekistan

Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov met with Chairman of the Board of the Saudi company “ACWA Power” Mohammad Abunayyan in Riyadh.

During the meeting, current state of energy projects implemented by the Saudi investor in the country, possibilities of their expansion, as well as prospects for increasing the company’s investment portfolio in Uzbekistan were discussed.

“ACWA Power” is one of Uzbekistan’s largest partners in the fields of traditional and alternative energy: its current investment portfolio includes 4 projects with a total value of about $2.5 billion. The total volume of generating capacity created by the Saudi company in the country exceeds 2.6 GW.

The parties discussed further steps to accelerate construction work and ensure the successful completion of ongoing projects. Their implementation will greatly contribute to the fulfilment of the plans to bring the share of renewable energy sources in the total energy generating capacity of the country to 25 percent by 2026.

It was noted that the dynamic development of the energy sector will also give impetus to the development of related industries in Uzbekistan, whose enterprises can meet the needs of energy projects.

Measures to strengthen human resources for the country’s energy sector were also considered. An agreement was reached to work out the organization of special trainings and internships at “ACWA Power” facilities for students and graduates of specialized Uzbek universities so that they could gain experience in the construction and operation of renewable energy facilities based on advanced technological solutions and international standards.

The parties also agreed to prepare and coordinate a list of new promising projects for their subsequent implementation with the involvement of “ACWA Power” in the near future.

Following the meeting, Saudi investors were assured of the commitment of the Uzbek side to support the successful implementation of joint projects and further expansion of partnership in the long term.