RIYADH: ACWA Power has signed a share purchase agreement for $130 million to sell its 49 percent stake in ACWA Power Uzbekistan Project Holding Co.
The agreement was made with CVXF Inc., a subsidiary of the Silk Road Fund of China, according to a bourse filing.
The company said the project is a 1,500 MW combined cycle gas-fired power plant in Uzbekistan’s Syrdarya region, being developed by ACWA Power on a “build, own, operate, transfer” model.
The project’s engineering, procurement and construction contractor is China Energy Engineering Corp. Ltd., which began construction in 2021.
The project is scheduled to begin commercial operation in 2024.