ACWA Power announces China’s Silk Road Fund as co-investor in US $1bln 1.5 GW Sirdarya project in Uzbekistan

ACWA Power announces China’s Silk Road Fund as co-investor in US $1bln 1.5 GW Sirdarya project in Uzbekistan

- Share purchase agreement first of its kind between parties in Uzbekistan and Central Asia

- Once operational in 2024, Sirdarya facility will be responsible for 15% of power demand and 8% of installed power capacity in Uzbekistan

Riyadh, KSA: ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, and China’s Silk Road Fund signed a share purchase agreement for the 1.5 GW Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan.

The partnership was formalised in a virtual signing ceremony attended by Mohammad Abunayyan, ACWA Power Chairman and ZHU Jun, Chairwoman of Silk Road Fund.

By the terms of the agreement, ACWA Power will continue to be the majority shareholder in the project, holding 51% stake in the facility. The Silk Road Fund, which is China’s sovereign investment body that implements the Belt and Road Initiative, will now own 49% of the Sirdarya facility. The share purchase agreement is expected to close by Q4 2022.

Uzbekistan’s JSC National Grid will function as the sole off taker of the project for a period of 25 years. Once completed in early 2024, the project accounts for 8% of the country’s total power capacity and meet 15%