Saudi Arabia's ACWA Power said March 31 that it has signed an agreement for development of a wind power project and battery energy storage system (BESS) with
the National Electric Grid of Uzbekistan.
The 25-year deal covers construction and operations of the Nukus2 200 MW wind power project and BESS, and is worth $262.7 million, ACWA Power said in a statement to the Saudi stock exchange.
National Electric Grid of Uzbekistan and the Uzbek Energy Ministry did not immediately respond to requests for comment.
The deal is the latest move by Uzbekistan to attract investment from the Middle East to finance its energy transition plans.
ACWA Power is already involved in several renewables projects in Uzbekistan, including the Bash 500 MW wind farm, Dzhankeldy wind farm, Karakalpakstan wind farm and BESS project, and the Karatau wind farm.
The UAE's Masdar is also developing renewables projects in Uzbekistan, including the Zarafshan wind farm, Nur Navoi solar project, Jizzakh solar project, Sherabad solar project and Samarkand solar project.
Uzbekistan is currently aiming to reach 7 GW of solar and 5 GW of wind capacity by the end of the decade.
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