ACWA Power Signs Implementation Agreement with the Uzbek Ministry of Energy for 2 GWh Battery Energy Storage Systems Capacity

In the presence of the President of Uzbekistan, the President of Azerbaijan, and the Minister of Energy of Saudi Arabia:

ACWA Power Signs Implementation Agreement with the Uzbek Ministry of Energy for 2 GWh Battery Energy Storage Systems Capacity

• Under the agreement, ACWA Power receives contractual priority in Uzbekistan for new 2GWh battery energy storage systems capacity.

Baku, Republic of Azerbaijan; 16 November 2024: In the esteemed presence of President Shavkat Mirziyoyev of the Republic of Uzbekistan, President Ilham Aliyev of the Republic of Azerbaijan, and His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed a binding Implementation Agreement (IA) with the Ministry of Energy (MoE) of Uzbekistan to develop up to 2GWh of standalone Battery Energy Storage Systems capacity (BESS) across the country.

The announcement comes against the backdrop of Saudi Arabia signing an implementation programme to strengthen cooperation in the field of renewable energy with the Republics of Azerbaijan, Kazakhstan and Uzbekistan.

The agreement was formally signed on the sidelines of the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, with both parties reaffirming their commitment to advancing renewable energy technologies and reducing carbon emissions. The IA follows a Memorandum of Understanding (MoU) signed between ACWA Power and Uzbekistan’s Ministry of Energy during the Tashkent Investment Forum in May 2024.

Under the agreement, ACWA Power receives contractual priority for 2 GWh of new BESS capacity in Uzbekistan, allowing the company to offer competitive tariffs. The agreement is valid for two years and may be extended by mutual consent. Both parties will collaborate on feasibility studies to identify optimal locations for BESS projects.

The signing of the IA underscores both ACWA Power’s leadership in energy storage technologies and Uzbekistan’s ambitions to expand its renewable energy portfolio.

Commenting on the significance of the agreement, Raad Al-Saady, Vice Chairman and Managing Director of ACWA Power, said: "This Agreement marks a key milestone in the evolution of our ongoing partnership with Uzbekistan. Crucially, as the largest investor in Uzbekistan’s energy sector, with over 13 GW of projects under development, this new agreement represents our shared vision for a sustainable future for all. Today, we reiterate our support for the country’s energy transition through advanced battery storage solutions. The agreement not only strengthens our leadership in energy storage technologies but also demonstrates our commitment to delivering reliable and sustainable energy solutions across Central Asia.”

ACWA Power is already a key contributor to Uzbekistan’s renewable energy landscape, which is its second-largest market outside of Saudi Arabia. The future development of over 2GWh of BESS capacity projects further consolidates its position as a pioneer in energy storage in the region.

The IA also highlights Uzbekistan's focus on leveraging advanced technologies to enhance grid stability and integrate more renewable energy into its national power system.

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About ACWA Power

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power’s portfolio comprises 90 projects in operation, advanced development, or construction with an investment value of SAR 353.77 billion (USD 94.3 billion) and the capacity to generate 65.6 GW of power and manage 8.0 million m3/day of desalinated water per day. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models. Learn more: www.acwapower.com

Media contacts:

Yahya Hamidaddin, Executive Director – Media Affairs & External Comms - YHamidaddin@acwapower.com

Mohammed Al Hasan, Media Lead – Media Affairs & External Comms – Moalhasan@acwapower.com