According to the Ministry of Investment and Foreign Trade (MIFT), during the meeting, the current state of energy projects implemented by the Saudi investor in the country, the possibility of their expansion, as well as the prospects for increasing the company’s investment portfolio in Uzbekistan were discussed.

ACWA Power is one of the largest partners of Uzbekistan in the fields of traditional and alternative energy: its current investment portfolio includes 4 projects with a total value of about $2.5 billion. The total amount of generating capacity created by the Saudi company in the country exceeds 2.6 GW.

The parties discussed further steps to accelerate construction work and ensure the successful completion of ongoing projects. Their implementation will largely contribute to the implementation of the plans to increase the share of renewable energy sources in the country’s total energy generating capacity to 25% by 2026.

It was noted that the dynamic development of the energy sector will also give impetus to the development of related industries in Uzbekistan, whose enterprises can meet the needs of energy projects.

Measures to strengthen human resources for the country’s energy industry were also considered. An agreement was reached to work out the organization of special trainings and internships at ACWA POWER facilities for students and graduates of specialized Uzbek universities so that they can gain experience in the construction and operation of renewable energy facilities based on advanced technological solutions and international standards.

The parties also agreed to prepare a list of new promising projects in the near future for their subsequent implementation with the involvement of ACWA POWER.

Following the meeting, Saudi investors were assured of the commitment of the Uzbek side to support the successful implementation of joint projects and further expand partnerships in the long term.