ACWA Power of Saudi Arabia sold a 35% stake in two power projects in Bukhara region of Uzbekistan, the company’s press service said.
The deal was signed on 17 July with participation of the energy minister of Uzbekistan Jurabek Mirzamahmudov.
The buyer of the stake in Bash and Jankeldy wind power plants (WPP), which are under construction, is China Southern Power Grid International (HK).
The deal is the first joint renewable energy project between ACWA Power and China Southern Power Grid in Central Asia.
The cost of building two WPPs with a combined capacity of 1 GW is $1.3 billion. The terms of the deal are not disclosed.
The Saudi company signed a framework agreements with Chinese partners in December 2022 to finance, invest in and build ACWA Power’s renewable energy projects in Saudi Arabia and the countries of China’s Belt and Road Initiative.
ACWA Power attracted funds for implementation of Bash and Jankeldy wind WPPs from a number of international organizations. The European bank for reconstruction and development and its partners provided $520 million for the construction of WPPs and $47 million for electric power transmission line. The Asian development bank provided $174 million to the company.
Earlier, it was reported that China Southern Power Grid International plans to build a 600 MW pumped-hydroelectric energy storage in Bostonliq district of Tashkent region.
