Saudi Arabia’s ACWA Power signs $263 million deal for Nukus 2 wind project in Uzbekistan

The 25-year agreement is structured as a public-private partnership

ACWA Power has finalised a SR985.13 million ($262.7 million) power purchase agreement with Uzbekistan’s National Electric Grid for the Nukus2 wind project, featuring a capacity of 200 megawatts.

According to a company statement published on Tadawul, ACWA Power noted that the 25-year agreement, structured as a public-private partnership, includes the integration of a battery energy storage system within Uzbekistan. The contract follows the build, own, operate, and transfer model.

Anticipated financial impacts are expected to be clear after the first half of 2026. Currently in the development phase, the project’s total investment value remains subject to potential changes upon reaching financial closure.

In parallel, ACWA Power commenced the first phase of a 3,000 tonne-per-year green hydrogen project in Uzbekistan in November 2023.

The project, segmented into two phases, includes a 3,000-tonne green ammonia pilot project, already underway following the signing of hydrogen purchase and power purchase agreements in May 2023.

Upon full completion, this will be ACWA Power’s second utility-scale green hydrogen project, following the NEOM Green Hydrogen Project in Saudi Arabia.