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.