Saudi Arabia's ACWA Power, a leading renewable energy company, announced the signing of a power purchase agreement with the national electrical grid in Uzbekistan.

The agreement comes within the "Nokos 2" wind energy and battery energy storage project in Uzbekistan, with a capacity of 200 megawatts. The value of the contract is 985.13 million riyals ($262.7 million), and includes construction, ownership, operation and transfer at the end of the term of the power purchase agreement, which amounts to 25 years.

ACWA Power expected that the financial impact of operation would become clear after the first half of 2026, and ACWA Power explained that the project is in the development stage. Therefore, the total investment value may change when financial close is achieved.

This agreement comes in the wake of positive results achieved by ACWA Power in 2023. Its profits increased by 7.9% to reach about 1.7 billion riyals ($453 million), and the increase in its profits is due to increased revenues, which reached about 6.1 billion riyals in 2023, an annual increase of 15.5%.

This agreement strengthens ACWA Power's presence in the Central Asia region, provides clean energy to Uzbekistan, enhances economic development in the region, and confirms its commitment to developing renewable energy projects around the world.