ACWA Power has completed a Sale and Purchase Agreement to sell 35 per cent of its shareholding in ACWA Power Bash Wind Project Holding Company and ACWA Power Uzbekistan Wind Project Holding Company to China Southern Power Grid International (CSGIHK), the global investment and development arm of China Southern Power Grid.

The transaction represents the first co-investment transaction between ACWA Power and China Southern Power Grid, for a large-scale renewable energy project in Central Asia.

This milestone follows framework agreements signed in December 2022 between ACWA Power and Chinese companies, that lay the ground for financing, investment and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.

Marco Arcelli, Chief Executive Officer of ACWA Power, expressed his enthusiasm about the collaboration with China Southern Power Grid International, emphasising the importance of international cooperation in delivering sustainable solutions.

TANG Yifeng, Vice President of China Southern Power Grid (CSG) said: "By leveraging synergies, we can strengthen our strategic partnership and work towards developing a serial of benchmark projects and contribute to the implementation of the Uzbekistan-2030 Strategy."

The ACWA Power Bash Wind Project Holding Company and ACWA Power Uzbekistan Wind Project Holding Company holds 100 per cent stake in ACWA Power Bash Wind and ACWA Power Dzhankeldy respectively, representing a combined 1GW of capacity with over $1.3 billion investment cost.

Upon completion, the Bash and Dzhankeldy wind power plants are set to become some of Central Asia’s largest renewable energy projects. Uzbekistan is ACWA Power's second-largest market in terms of investment cost, underscoring the company's long-standing commitment to the country.