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FinancialNews


  • 27-12-22

    Saudi Arabia’s ACWA Power, Uzbekistan ink USD2.4bn wind energy PPA

    (MENAFN) Saudi Arabia’s ACWA Power has inked a power acquisition deal with the National Electric Grid of Uzbekistan to construct three wind power plants in the Central Asian nation.

    The USD2.4 billion Kungrad wind farm venture is going to be implemented via special-purpose vehicles in the north-western Karakalpakstan district of Uzbekistan, ACWA Power stated that in a bourse filing to the Tadawul share exchange.

    In line with the announcement, the wind farm, after completion, is estimated to disturb 2.4 million tons of carbon emissions a year and power 1.65 million homes.

    ACWA Power additionally mentioned that the power buyout deal covers three wind power plants at the site, each generating 500 megawatts of wind power.

    The bourse filing also mentioned that the agreement covers the improvement, building and functions of the venture, and the deal has a period of 25 years upon the completion of the project.

    “The financial impact of the contracted revenues is expected once the project achieves project commercial operating date on the third quarter of 2027,” as stated by ACWA Power in the filing.

    MENAFN27122022000045014228ID1105356406

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