Saudi energy company ACWA Power has signed an agreement with Uzbekistan’s Ministry of Energy for the development of a 1.5GW onshore wind project in the Karakalpakstan region.

The project will involve a $2.4bn investment and is expected to achieve financial close by the end of next year.

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Claimed to be Uzbekistan’s largest single-site onshore wind facility, the project is expected to come online by the first quarter of 2026.

Upon completion, the wind farm will have the capacity to meet the power requirements of 1.65 million households while displacing 2.4 million tonnes of carbon emissions a year.

It will also help Uzbekistan achieve 19% of its overall renewable energy targets.

In addition to the wind farm, ACWA Power and the Ministry of Energy signed agreements for investments in green hydrogen, which will involve collaborating with Air Products.

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A $10bn investment cooperation agreement (ICA) was also signed for the joint development of gas-to-power, renewable energy and green hydrogen projects in the country from next year to 2028.

Uzbek President Shavkat Mirziyoyev signed the agreements during a visit to Saudi Arabia.

The agreements are expected to help Uzbekistan install 8GW and 12GW of solar and wind energy capacity by 2026 and 2030 respectively.

Uzbekistan First Deputy Energy Minister Azim Akhmedkhodjaev said: “We have outstanding partners in ACWA Power, which is already implementing four energy projects in Uzbekistan, meaning these new ventures are based on a strong foundation of partnership and trust.

“I would like to thank our President, Shavkat Mirziyoyev, for his vision and drive to ensure these agreements were expedited, and also to ACWA Power and Saudi Arabia’s Ministry of Energy – for their continued best-in-class execution and partnership with Uzbekistan.”

In June this year, ACWA Power signed a project agreement with Egyptian engineering firm Hassan Allam Holdings to develop a 1.1GW wind farm.