ACWA Power has inked an Implementation Agreement (IA) with Uzbekistan’s Ministry of Energy to develop up to 2 GWh of standalone Battery Energy Storage Systems (BESS) across the country. The agreement was signed at COP29 in Baku.
This agreement builds on a memorandum of understanding from May 2024. Furthermore, it grants ACWA Power contractual priority for 2 GWh of new BESS capacity in Uzbekistan, enabling the company to offer competitive tariffs. It is valid for two years, with the possibility of extension by mutual agreement. Both parties will work together on feasibility studies to determine the best locations for the BESS projects.
In July 2024, ACWA Power inked $533 million financing agreements for Tashkent Riverside Project in Uzbekistan. This project features a 200 MW solar photovoltaic facility and a 500 MWh battery energy storage system (BESS) to strengthen Uzbekistan’s power grid.
REGlobal’s Views: Uzbekistan has rich solar and wind resources which makes it a major investment hub for renewable energy development for large energy players like ACWA Power. The company has a large renewable energy pipeline in the country across wind, solar and battery storage projects. It also has plans for green hydrogen development which would give it a further stronger position in the market.
