ACWA Power and Sumitomo Corporation Partner to Develop Renewable Energy Projects in Uzbekistan
Key Ideas
- ACWA Power and Sumitomo Corporation signed a joint development agreement to develop renewable energy projects in Uzbekistan with a total investment value of USD 4.2 billion.
- The projects include solar photovoltaic, wind power plants, and battery energy storage systems aimed at enhancing grid reliability and maximizing renewable potential.
- ACWA Power will divest 49% of its stake in the projects to Sumitomo Corporation as part of the partnership, aligning with Uzbekistan's energy transition goals.
- The collaboration between ACWA Power and Sumitomo Corporation aims to contribute to Uzbekistan's emergence as a regional leader in sustainable energy development and support the country's energy transition policy.
ACWA Power, a Saudi-listed company specializing in water desalination and a leader in the energy transition, has partnered with Japan's Sumitomo Corporation to develop renewable energy projects in Uzbekistan. The projects, located in Samarkand and Karakalpakstan, include solar photovoltaic and wind power plants with battery energy storage systems. These projects, with an investment value of USD 4.2 billion, are among the largest clean energy initiatives in Uzbekistan. This joint development agreement aims to enhance grid reliability, maximize renewable potential, and support Uzbekistan's ambitious energy transition. ACWA Power will divest part of its stake to Sumitomo Corporation, aligning with the country's sustainable development targets. The collaboration between the two companies signifies a commitment to providing accessible, affordable, and sustainable energy to the people of Uzbekistan. The partnership also supports Uzbekistan's emergence as a leader in sustainable energy development and complements the country's energy transition policy.
Topics
Utilities
Renewable Energy
Infrastructure
Investment
Energy Transition
Partnership
Private Sector
Sustainable Development
Water Desalination
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