ACWA Power co. announces its intentions to sign the Heads of Terms agreement with the government of Uzbekistan.

Element ListExplanation
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.
Related Parties NA
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.