|Introduction||ACWA Power Co. intends to sign today the Heads of Terms agreement with Uzbekistan’s Ministry of Energy and Ministry of Investment & Foreign Trade for a 1500MW wind project, located in Karakalpakstan, Uzbekistan, |
The agreement is valued at c.US$2.4billion, the project is expected to achieve financial close by the end of 2023 and be fully commissioned by the first quarter of 2026.
Once complete, this project would be the biggest single site onshore wind project in the region and the world and will contribute 19% to Uzbekistan’s overall renewable energy goals. Additionally, the facility is expected to power 1.65 million households and offset 2.4 million tonnes of carbon emissions per year.
|Date of Announcement of the Award||2022-08-17 Corresponding to 1444-01-19|
|Contract Subject Matter||Signing of Heads of Terms|
|Date of Signing the Contract||2022-08-17 Corresponding to 1444-01-19|
|Contract Value||2.4 BUSD|
|Contract Details||Heads of Terms for Power Purchase and Investment Agreements for a 1500MW wind project.|
|Contract Duration||25 years from COD.|
|Financial Impact and the Relevant Period||The financial impact is expected in 4Q 2023.|
|Additional Information||It is expected that this agreement will be signed at noon today, and in the event of any change of the content of this announcement, it shall be announced to the public immediately.|