Business

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

ACWA Power to sign $2.4bn wind power project deal in Uzbekistan

The agreements signed with SPCC are valued at $3.9 billion.
By TRENDS Desk
August 17, 2022 2:06 pm
  • It will be the biggest onshore wind project in the region and will contribute 19 percent to Uzbekistan’s overall renewable energy goals
  • The plant once completed will power 1.65 million households and offset 2.4 million tons of carbon emissions per year.

ACWA Power Company will join hands with Uzbekistan in order to enter into  a $2.4 billion deal for a 1,500-megawatt wind project, a bourse filing disclosed.

The PIF-owned company said in a bourse filing: “This project would be the biggest single site onshore wind project in the region and the world and will contribute 19 percent to Uzbekistan’s overall renewable energy goals.”

The facility in Uzbekistan seeks to power 1.65 million households and offset 2.4 million tons of carbon emissions per year.

The project is likely to be fully commissioned by the first quarter of 2026.

The agreement duration is 25 years and will be signed with the Uzbekistani Ministry of Energy and Ministry of Investment & Foreign Trade.

Most Read

Environment Agency – Abu Dhabi issues marine water quality policy

ABU DHABI,  UAE – The Environment Agency – Abu Dhabi (EAD) has issued a policy on sustaining marine water quality that reviews the current situation and main challenges related to…

Energy, commodity prices hurt profits of GCC firms

GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived.

Exclusive: Private military companies look at $366.8bn market as their demand, role in global conflicts rise

Rising security concerns, confrontational geopolitics, and chaotic global changes have fueled the demand for private military companies, the new reality of modern warfare.

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

3 ways travel drives economic growth while enhancing global connections and sustainability

WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and tourism has recovered and is set to reach new heights.…