Saudi-listed ACWA Power has signed a Sale and Purchase Agreement to sell 35 percent of its shareholding in ACWA Power Bash Wind Project Holding Company and ACWA Power Uzbekistan Wind Project Holding Company Limited to China Southern Power Grid International (CSGIHK), the global investment and development arm of China Southern Power Grid (CSG).
The ceremony was attended by Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov, Deputy Minister of Energy of Uzbekistan Umid Mamadaminov, Deputy Saudi Ambassador to Uzbekistan Hamud Turki Almutairi, Deputy Director of the Energy Market Development and Regulatory Agency Abdullajon Otaboev, ACWA Power CEO Marco Arcelli, and Vice President of CSG Tang Yifeng.
The transaction represents the first co-investment transaction between ACWA Power and China Southern Power Grid for a large-scale renewable energy project in Central Asia. This milestone follows framework agreements signed in December 2022 between ACWA Power and Chinese companies that lay the ground for financing, investment, and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.
Marco Arcelli CEO – ACWA Power
“Through strategic collaboration with China Southern Power Grid International, we are proud to announce a significant milestone in our journey towards sustainable energy solutions. The agreement in relation to our Bash and Dzhankeldy wind projects in Uzbekistan not only enhances ACWA Power’s global presence but also strengthens ties between two industry leaders from different regions. This historic partnership underlines our commitment to driving innovation and progress in the renewable energy sector.”
The ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited hold 100 percent stakes in ACWA Power Bash Wind LLC (Bash) and ACWA Power Dzhankeldy LLC (Dzhankeldy), respectively, representing a combined 1GW of capacity with an investment cost of over $1.3 billion.
Upon completion, the Bash and Dzhankeldy wind power plants are set to become some of Central Asia’s largest renewable energy projects. Uzbekistan is ACWA Power’s second-largest market in terms of investment cost, underscoring the company’s long-standing commitment to the country.
