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May 5, 2021

ACWA Power to build wind power project in Uzbekistan

Saudi Arabian energy company ACWA Power has signed an implementation agreement with Uzbekistan's Ministry of Investments and Foreign Trade and Ministry of Energy for a wind power project.

By Umesh Ellichipuram

Saudi Arabian energy company ACWA Power has signed an implementation agreement with Uzbekistan’s Ministry of Investments and Foreign Trade and Ministry of Energy for a wind power project.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
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The company will develop, build and operate the 1,500MW project in Karakalpakstan, Uzbekistan.

Once the project comes online, it will become the largest wind farm in the Central Asian region and one of the largest in the world.

ACWA Power chairman Mohammad Abunayyan said: “We are delighted to finalise the implementation agreement for the 1,500MW Karakalpakstan wind farm with Uzbekistan’s Ministry of Investments and Foreign Trade and Ministry of Energy here in Saudi Arabia.

“We are expanding on our international cooperation and continued partnership aimed at accelerating Uzbekistan’s energy transition.

“This project is yet another landmark accomplishment for the country and reinforces ACWA Power’s commitment to working with high-growth markets such as Uzbekistan to deliver on their ambitious renewable energy and sustainability goals.”

The wind farm will generate enough clean energy to power around four million households and offset almost 2.5 million tonnes of carbon dioxide a year.

The project seeks to strengthen the government’s efforts to diversify Uzbekistan’s energy mix while increasing the capacity of its renewable energy in line with recent strategic reforms.

It will also support the government’s objective to generate 30% of the country’s power capacity from renewable sources by 2030 and meet growing electricity demand sustainably.

Energy Minister Alisher Sultanov said: “As an energy producer, we in Uzbekistan are learning much from our Middle Eastern, especially Saudi, partners as we navigate the transition to a low-carbon economy.

“ACWA Power’s project will be a major contributor to our plan to generate 25% of our electricity from renewable energy sources by 2030.”

Last month, ACWA Power announced the opening of a utility-scale solar renewable energy project in Saudi Arabia.

The 300MW Sakaka solar photovoltaic plant, built with an investment of SAR1.2bn ($319m), was inaugurated by Crown Prince Mohammed bin Salman.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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