Uzbekistan Signs Battery Energy Storage Deal with ACWA Power at COP29
Uzbekistan has signed an agreement with ACWA Power for up to 2GWh of Battery Energy Storage System (BESS) projects, enhancing renewable energy development. The deal, signed at COP29, follows previous agreements for solar PV and storage, with a focus on sustainable energy.
November 20, 2024. By EI News Network
The agreement, which was finalised during the United Nations COP29 climate conference in Baku, Azerbaijan, gives ACWA Power contractual priority for the projects, enabling the company to offer competitive tariffs. The deal is valid for two years and may be extended by mutual agreement.
The signing ceremony was attended by Saudi energy minister Prince Abdulaziz bin Salman, Uzbek President Shavkat Mirziyoyev, and Azerbaijan President Ilham Aliyev, with Azerbaijan holding the COP29 presidency.
This agreement follows a series of earlier deals between ACWA Power and Uzbekistan, including the development of 1.4GW of solar PV and 1.2GW of energy storage capacity, as well as a Memorandum of Understanding (MoU) signed in May 2024 for further collaboration on renewable energy. In November, ACWA Power secured a USD240 million Islamic Equity Bridge Loan (EBL) from the International Finance Corporation (IFC) to finance these projects.
Uzbekistan aims to deploy 25GW of solar and wind energy by 2030, with its renewable energy capacity increasing significantly from 2,300 MW to 27GW, including existing hydroelectric power. The country has also signed similar agreements with UAE-based Masdar for hybrid solar and BESS projects, marking a major step in Central Asia's renewable energy future.
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