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ACWA Power, a leading developer, investor, and operator of power generation, water desalination, and green hydrogen plants worldwide, has signed two significant agreements during the EBRD 2023 Annual Meeting and Business Forum in Samarkand that took place between 16 and 18 May 2023, marking a major milestone to advance Uzbekistan’s target to decarbonise 35% of its energy sector by 2030.
The first set of agreements entails a groundbreaking partnership with Uzkimyosanoat, the national holding company for chemicals in Uzbekistan, to decarbonise the sector through innovative green hydrogen projects. Construction will be executed in two phases achieving substantial reductions in natural gas consumption and carbon dioxide emissions. The agreements were signed by Timur Mukhammedjanov, Chairman of the Board of Uzkimyosanoat; Sarvar Khamidov, Deputy Minister of the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan; Sobirjon Artikov, Deputy Chairman of the National Electric Grid of the Republic of Uzbekistan (NEGU); and Marco Arcelli, Chief Executive Officer of ACWA Power.
The second set of agreements involves the signing of financing documents for Karatau wind farm, formerly referred to as the Nukus Wind Project, with a total investment value of US$120 million. The National Electric Grid of Uzbekistan (NEGU) will serve as the exclusive buyer of electricity generated by the project for 25 years. The Uzbek Ministry of Economy and Finance (MoEF) has provided support for the project through the Government Support Agreement (GSA). Project funding has been secured through Deutsche Investitions (DEG), the European Bank for Reconstruction and Development (EBRD), and Proparco. The financing agreements were signed by representatives of DEG, EBRD, Proparco, and Mr. Mohammad Abunayyan, Chairman of the Board of Directors of ACWA Power.
“We are excited about the limitless possibilities this agreement brings, positioning UKS as a key player in the emerging Green fertilizers economy. It is a testament to our commitment to innovation, environmental stewardship, and building a prosperous, low-carbon future for our citizens and the world,” said Timur Mukhammedjanov, Chairman of the Board of Uzkimyosanoat.