Photo: esgnews.com
Saudi energy company ACWA Power plans to sign a new agreement with the government of Uzbekistan to implement projects worth $5 billion, according to Spot.uz, citing Sumendra Raut, the company’s Chief Financial Officer for Uzbekistan.
Raut made the announcement on the sidelines of the 4th Tashkent Investment Forum, stating that ACWA Power’s current investments in Uzbekistan total $15 billion. Of the 19 projects underway, 18 are related to renewable energy.
According to Raut, ACWA Power is known for its efficiency and competitive pricing, which has generated strong interest from Uzbek authorities in expanding their partnership.
“But we’re not stopping here. Our goal is to increase our investments,” he said.
As part of its corporate social responsibility program, ACWA Power also supports workforce development in the country. With its backing, an energy college was opened in the Syrdarya region, where more than 500 students are currently enrolled. Some have already graduated and begun working at the company’s facilities.
The firm is also looking to diversify its investments, with plans to support the development of small and medium-sized enterprises in Uzbekistan through Islamic financing.
“We have experience in this area, including partnerships with the Islamic Development Bank, and we’re ready to support local entrepreneurs using Sharia-compliant instruments, which are often more effective than traditional business support mechanisms,” Raut explained.
On June 11, during a meeting of the Foreign Investors Council, President Shavkat Mirziyoyev met with senior executives from major Saudi companies. The delegation was led by ACWA Power Chairman Mohammad Abunayyan. The parties discussed expanding practical cooperation and accelerating the implementation of key initiatives.
The portfolio of joint projects between Saudi businesses and Uzbekistan now totals $24 billion. Notably, cooperation in the energy sector includes the launch of green hydrogen production in the Tashkent region.
