Riyadh – Sharikat Mubasher: Saudi Arabia’s ACWA Power, the world’s largest private water desalination company, and leader in energy transition, announced signing 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.

This took place in the presence of Shavkat Mirziyoyev, President of the Republic of Uzbekistan, Ilham Aliyev, President of the Republic of Azerbaijan, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, according to the company’s press release.

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 announcement comes against the backdrop of Saudi Arabia signing an implementation program 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.

On this occasion, 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.”