ACWA Power pens 2 deals worth $100 mln for hydrogen, power purchase in Uzbekistan

Logo of ACWA Power Co.

ACWA Power Co. signed a hydrogen purchase agreement with Uzkimyosanoat, an Uzbek state-owned chemical company, and a power purchase agreement with the National Power Grid of Uzbekistan.

The two agreements are valued at $100 million, the company said in a filing to Tadawul, today, May 18.

The hydrogen offtake capacity is 3,000 tons per year, and the renewable energy capacity ranges from 52-100 megawatts (MW).

The contract includes the development, construction, and operation of the project, the company said.

The duration of the hydrogen and power purchase agreements are 15 and 25 years, respectively, the company noted.  

The financial impact is expected to appear once the projects start commercial operations in June 2024 and June 2025. 

The deals do not include related parties, the company said.