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ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘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.

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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