China Southern Power Grid International now owns a 35% interest in ACWA Power’s Bash and Dzhankeldy wind power projects. Credit: Fahroni / Shutterstock.

Saudi Arabia-listed Acwa Power has completed the sale of a 35% stake in its two Asian units, ACWA Power Bash Wind Project Holding and ACWA Power Uzbekistan Wind Project Holding, to China Southern Power Grid International (HK).

China Southern Power Grid International (HK) is the global investment and development arm of China Southern Power Grid.

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China Southern Power Grid vice-president TANG Yifeng stated: “By leveraging synergies, we can strengthen our strategic partnership and work towards developing a series of benchmark projects and contribute to the implementation of the Uzbekistan-2030 strategy.”

ACWA Power Bash Wind Project Holding and ACWA Power Uzbekistan Wind Project Holding hold a 100% stake in ACWA Power Bash Wind (Bash) and ACWA Power Dzhankeldy (Dzhankeldy) respectively.

Together, the projects represent a combined capacity of 1GW, with investment costs exceeding $1.3bn.

Bash and Dzhankeldy wind power plants will be largest renewable energy projects in Central Asia.

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The transaction marks the first co-investment between the two companies in Central Asia’s renewable energy sector.

ACWA noted that the deal is a result of framework agreements signed in December 2022 to enhance financing, investment, and construction of its clean and renewable energy projects in Saudi Arabia and in Belt and Road Initiative countries.

ACWA Power CEO Marco Arcelli stated: “Through strategic collaboration with China Southern Power Grid International, we are proud to announce a significant milestone in our journey towards sustainable energy solutions.

“The agreement in relation to our Bash and Dzhankeldy wind projects in Uzbekistan not only enhances ACWA Power’s global presence but also strengthens ties between two industry leaders from different regions.

“This historic partnership underlines our commitment to driving innovation and progress in the renewable energy sector.”

Uzbekistan is ACWA Power’s second-largest market in terms of investment cost.

In July 2024 ACWA Power announced financial closure for the $533m Tashkent Riverside project in Uzbekistan.