Saudi energy giant ACWA Power has inked a SR985.13 million ($262.7 million) power purchase agreement with Uzbekistan's National Electric Grid for the Nukus2 200-megawatt wind project. The 25-year deal, structured as a public-private partnership, includes the installation of a battery energy storage system within Uzbekistan, following the build, own, operate, and transfer model, as clarified in a statement to Tadawul by ACWA Power. The financial impact of the project is expected to materialize after the first half of 2026, with the project currently in the development phase.

ACWA Power emphasized that the total investment value might undergo changes upon reaching financial closure. Notably, the utility firm initiated the first phase of a 3,000 tonne-per-year green hydrogen project in Uzbekistan in November 2023, inaugurated by Uzbekistan’s President Shavkat Mirziyoyev and Saudi Minister of Investment Khalid Al-Falih. Mohammad Abunayyan, founder and chairman of the board of directors at ACWA Power, expressed gratitude for the trust bestowed by Uzbekistan's leadership in their capabilities to develop the country’s first green hydrogen project. He hailed the project as a significant milestone in Uzbekistan’s energy revolution, reaffirming ACWA Power's commitment to continue collaboration and investment in Uzbekistan's sustainable future.