ACWA Power and China’s Silk Road Fund co-investors in $1 billion Uzbekistan project

• 1 year, 7 months ago (2022-09-15)
• David Flin

Asia 846 Gas 371

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ACWA Power and China’s Silk Road Fund have signed a share purchase agreement for the 1.5 GW Sirdarya CCGT facility in Uzbekistan. ACWA Power will own 51 per cent, Silk Road Fund 49 per cent. The share purchase agreement is expected to close by Q4 2022.

The Sirdarya project is located in Shirin, southern Uzbekistan.

Uzbekistan’s JSC National Grid will function as the sole off-taker of the project for a period of 25 years.

The project is scheduled for completion in early 2024. Once complete, it will provide 8 per cent of the country’s total power capacity.

Paddy Padmanathan, Vice Chairman and CEO of ACWA Power, said: “As ACWA Power continues to expand globally, our mission to provide reliable, responsible, and affordable power and water cannot be achieved alone. Under our successful public private partnership model, the support of global investors like Silk Road Fund is critical in ensuring the development of advanced energy infrastructure.”