On January 24 this year, Tashkent hosted the foundation stone laying ceremony for the construction of a power plant with a 1,500 MW combined cycle gas plant at the Syrdarya thermal power plant, as well as the ceremony of signing of investment agreements between the ACWA Power and the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan on the construction of two wind power plants totaling 1,000 MW in Navoi and Bukhara regions.

Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, Minister of Investment of the Kingdom of Saudi Arabia Khalid Al-Falih, Chairman of the Board of ACWA Power Mohammad A. Abunayyan, top officials of the Ministry of Investment and Foreign Trade, Ministry of Energy, other officials and media representatives attended the event.

It is worth reminding that March last year was marked by the signing of an Investment Agreement between ACWA Power and the Ministry of Investment and Foreign Trade, according to which ACWA Power will design, finance, construct a thermal power plant, as well as operate it for 25 years. The project of ACWA Power will raise USD 1.2 billion in direct investment and create more than 1,000 jobs during the construction and operation stages. The power plant will additionally generate 12 billion kWh of electricity per year. The facility will be commissioned in the fourth quarter of 2023.

The project provides the latest design solutions, online operation and control tools designed by the world's leading experts to control the production process around the clock and to uninterruptedly supply electricity to the national energy system of Uzbekistan.

­ACWA Power intends to expand its attendance in Uzbekistan through the new large-scale investment projects.

This is proved by the Investment Agreements signed after the ceremonial launch of the construction of the Syrdarya TPP on the construction of two wind power plants 'Bash' and 'Djankeldy' in Navoi and Bukhara regions, respectively, totaling 1,000 MW. The commissioning of these power plants scheduled for 2024 will provide the generation of 3.6 billion kWh of cheap electricity per year. The total cost of the projects will be USD 1.3 billion.

The ceremony also included the signing of the relevant agreements on the purchase of electricity between ACWA Power and the National Electric Networks of Uzbekistan.

These projects are the part of the program of the Government of Uzbekistan to diversify the country's energy balance aimed at bringing the volume of electricity generated by wind power plants to 3 GW by 2030. It is expected that these projects will reduce carbon emissions by 1.6 million tons per year, thereby promoting purposes set by the Government of Uzbekistan to transfer 40% of its energy capacity to renewable energy sources by 2031.

For reference: ACWA Power specializes in the development, financing, and operation of equipment for the production of electricity and demineralized water. The company employs around 3,500 people and currently has an international presence in 12 countries in the Middle East, Africa, Central and Southeast Asia. ACWA Power's portfolio includes 60 assets with an investment value of USD 61.2 billion producing 38.7 GW of electricity and 5.8 million cubic meters of demineralized water per day.