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RIYADH: Saudi utility giant ACWA Power is planning for new investments in Uzbekistan, affirming its status as the leading foreign investor in the Central Asian nation’s energy sector.

According to the company's Chief Financial Officer (CFO) for Uzbekistan Sumendra Rout said at the IV Tashkent International Investment Forum, the company's total investment in Uzbekistan has already reached $15 billion, and the current portfolio of joint projects covers 19 energy initiatives, 18 of which are related to renewable energy sources.

“We are not going to stop here. Our objective is to expand our investments. During this forum, we plan to sign another agreement with the government of Uzbekistan worth $5 billion,” said Rout.

During the forum, Rout also emphasized the importance of Islamic finance instruments in ensuring sustainable economic development, particularly among small and medium-sized enterprises. 

He added that Shariah-compliant financing mechanisms are capable of offering more effective support to SMEs compared to traditional financing tools. 

“We are ready to share our experience with Uzbekistan and contribute to building a more inclusive financial system,” said Raut. 

During the forum, Abid Malik, president of ACWA Power for Central Asia, announced that Uzbekistan is all set to localize the production of wind turbine components, including blades and turbines. 

Malik added that ACWA Power is collaborating closely with suppliers and seeks to provide technical support to local enterprises working on renewable projects in Uzbekistan. 

As part of a 200-megawatt wind power project currently underway in Karakalpakstan, ACWA Power has tasked its turbine supplier with establishing local manufacturing operations in Uzbekistan. 

“Our supplier is planning to begin production of wind turbines and blades within the country in the near future,” added Malik. 

He further said that Uzbekistan will begin producing green hydrogen this month, with an annual production capacity of 3,000 tonnes. 

“We believe this will elevate Uzbekistan’s position on the global green hydrogen map,” said Malik. 

In 2023, Shavkat Mirziyoyev, president of Uzbekistan, launched a pilot green hydrogen facility in the Tashkent Region in cooperation with ACWA Power. 

The $88 million project is being implemented in two phases, with production from the first phase expected to begin this month.

The production of green hydrogen aligns with Uzbekistan’s goal to achieve 20 gigawatts of clean energy capacity by 2030. 

The country is also prioritizing the expansion of solar, wind, and hydroelectric energy, leveraging its natural resources to decrease reliance on fossil fuels. 

In April, ACWA Power commenced commercial operations at two major wind power plants in Uzbekistan.

In December, the company also launched three renewable initiatives in Uzbekistan, including wind, solar, and battery storage facilities. 

These undertakings include the Bash and Dzhankeldy Wind Power Plants, with a total capacity of 1,000 megawatts and a transmission line.

Additionally, there are the Samarkand 1 and 2 solar projects, which have a combined capacity of 1,000 MW of solar power, along with a 1,000 MWh battery energy storage system. The Tashkent BESS Project has a capacity of 500 MWh.