ACWA Power sells 35% stake in Bukhara wind projects to China Southern Power Grid

The Saudi company ACWA Power has sold a 35% stake in two energy projects in the Bukhara region, Spot writes with reference to the press service of the enterprise.

On July 17, in the presence of Minister of Energy Jurabek Mirzamakhmudov, a ceremony was held for China Southern Power Grid International (HK) Co. Ltd to acquire a stake in the "Bash" and "Jangeldi" wind power plants under construction.

The construction cost of the two wind power plants, with a total capacity of 1 GW, is $1.3 billion. However, the terms of the share sale transaction have not been disclosed.

This will be the first joint "green" project between ACWA Power and China Southern Power Grid in Central Asia.

In December 2022, the Saudi company signed framework agreements with Chinese partners for financing, investing, and constructing ACWA Power projects in the field of renewable energy in Saudi Arabia and countries involved in the Belt and Road Initiative.

ACWA Power attracted funds for the implementation of the "Bash" and "Jangeldi" wind power plant projects from several international organizations. The EBRD and its partners provided the Saudi company with $520 million for the construction of the wind farms and allocated $47 million for the transmission lines for them. Additionally, the company received $174 million from the ADB.