ACWA Power signs agreement with Uzbekistan for 2 GWh battery storage projects
Author: PPD Team Date: November 22, 2024
On November 16, 2024, ACWA Power signed a binding 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 formalized during COP29 in Baku, Azerbaijan, in the presence of Uzbek President Shavkat Mirziyoyev, Azerbaijani President Ilham Aliyev, and Saudi Energy Minister Prince Abdulaziz bin Salman.
The IA builds on a Memorandum of Understanding (MoU) signed earlier in May 2024 at the Tashkent Investment Forum. Under the agreement, ACWA Power gains priority for 2 GWh of new BESS capacity in Uzbekistan, offering competitive tariffs while supporting the country’s renewable energy ambitions. Feasibility studies will be conducted to determine optimal project locations.
The agreement aligns with Uzbekistan’s strategy to integrate advanced technologies for grid stability and renewable energy expansion. The IA is valid for two years and may be extended by mutual consent.
ACWA Power, already the largest investor in Uzbekistan’s energy sector with over 13 GW of projects under development, views the agreement as a pivotal step in enhancing its role in Uzbekistan’s energy transition.