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Saudi Arabia's ACWA Power plans to secure agreements for $3 billion in new energy projects in Uzbekistan in 2027, adding to a growing investment portfolio that includes major wind, solar and gas-fired power plants.
The company has already signed an agreement for a new project in the northwestern Karakalpakstan region, with an estimated cost of $2 billion and a capacity of 1 gigawatt (GW), Chairman Mohammad Abunayyan told Uzbekistan 24 in an interview published by the country's Energy Ministry.
Abunayyan pointed to Uzbekistan's supportive investment environment and energy policies as key factors behind ACWA Power's continued expansion in the country. He added that the company's planned projects would help introduce advanced technologies, boost local production and attract more young people to the energy sector.
The interview followed Uzbek President Shavkat Mirziyoyev’s meeting with Saudi investors at the first meeting of the Council of Investors in the Fuel and Energy Sector. The delegation included Abunayyan, who also co-chairs the Uzbekistan-Saudi Business Council.
The presidential office said the talks focused on expanding bilateral cooperation and speeding up priority joint projects. It also noted growing interest among Saudi companies in Uzbekistan, where investments are flowing into renewable energy, modern infrastructure, high technology and health care.
Both sides expressed readiness to deepen economic ties by ensuring the timely and effective implementation of existing agreements.
Founded in 2004 and headquartered in Riyadh, ACWA Power develops and operates power plants and water desalination facilities across the Middle East, Africa, Central Asia and Southeast Asia.
As of June 2026, the Saudi-listed company had 111 assets across 16 countries, with 98.2 GW of power generation capacity and the ability to desalinate 9.7 million cubic meters of water per day. Its portfolio covers renewable energy, gas-fired power, battery storage and green hydrogen.
ACWA Power entered Uzbekistan in 2019 and has since expanded its presence through both conventional and renewable energy projects. Its completed facilities include a 1.5 GW combined-cycle gas turbine power plant in the Syrdarya region and the Bash and Jankeldy wind farms in the Bukhara region, which have a combined capacity of 1 GW.
The company is also partnering with Japan's Sumitomo Corporation on $4.2 billion worth of solar and wind power projects and energy storage systems in Uzbekistan.
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