Saudi-China energy cooperation strengthened by Uzbek wind project sale
Both Saudi Arabia and China are seeking to tap into Uzbekistan's and Central Asia’s energy potential.
The Saudi energy company ACWA Power announced on Wednesday that it sold a stake in its Uzbekistan wind project to a Chinese company, amid both countries’ efforts to build their energy presence in Central Asia.
ACWA Power sold 35% of its Power Bash Wind Project company and its Uzbekistan Wind Project company to the development arm of the state-owned China Southern Power Grid. A ceremony was held in Tashkent for the closing of the sale, and the transaction constitutes the first co-investment between ACWA Power and China Southern Power Grid, the former said in a press release.
ACWA Power did not specify the financial terms of the sale. The companies it sold the stake in pertain to the Bash and Dzhankeldy wind power projects that are currently in development in Uzbekistan.
Based in Riyadh, ACWA Power focuses on water desalination in addition to renewable energy projects. China Southern Power Grid is a utility company headquartered in Guangzhou.
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