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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

ACWA Power seals $2.4 bn deal

The agreements signed with SPCC are valued at $3.9 billion.
By Hilal Mir
December 26, 2022 4:19 pm
  • ACWA Power purchased three wind power special purpose vehicles (SPVs) to establish a 1.50-gigawatt (GW) wind farm in Kungrad.
  • Upon implementation, the new wind farm is expected to offset 2.40 million tons of carbon emissions annually and power 1.65 million households.

Dubai, UAE–ACWA Power Company has signed a power purchase agreement (PPA) with the National Electric Grid of Uzbekistan (NEGU) for $2.40 billion, according to a report in Mubasher.

Listed on Tadawul, ACWA Power purchased three wind power special purpose vehicles (SPVs) to establish a 1.50-gigawatt (GW) wind farm in Kungrad, the firm said in a bourse filing.

Formerly known as the Karakalpakstan Wind IPP, the Kungrad facility will be the largest single-site wind farm in Central Asia and one of the biggest worldwide, the report said.

Upon implementation, the new wind farm is expected to offset 2.40 million tons of carbon emissions annually and power 1.65 million households.

The agreement covers the development, construction, and operation of the project and holds a 25-year duration period once the construction is completed.

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