ACWA Power to invest $3.5bn in Uzbekistan in 2027

Uzbek President Shavkat Mirziyoyev held a series of meetings on October 16 with participants of the Investment Council in the fuel and energy sector. One of the meetings was attended by Mohammed Abunayyan, head of Saudi company ACWA Power.

In an interview with the O'zbekiston 24 TV channel, Abunayyan said the president's speech on energy sector development goals and investment had 'inspired' participants. At the meeting, ACWA Power signed a $1.5bn contract for a project that will generate electricity around the clock. Abunayyan said the 1 GW complex will be the first of its kind in Central Asia. The company also agreed to provide Uzbekistan with an additional $3.5bn in direct investment in 2027.

Abunayyan said a business delegation including representatives of more than 50 Saudi companies is expected to visit Uzbekistan in November. They are working on partnership projects in industry, logistics and agriculture. He noted that Saudi Arabia has already invested over $26bn in Uzbekistan and said he is ready to contribute to the country's economic development.