RIYADH: Saudi Arabia’s ACWA Power has struck a deal to build the largest wind power plant of its kind in Central Asia and one of the largest in the world.
The plant has a production capacity of 1500 MW in Karakalpakstan, in the northwest of Uzbekistan
“ACWA Power now produces about 42 gigawatts of renewable energy inside and outside Saudi Arabia, and looks forward to doubling this number in the future,” Chairman Mohammed Abunayyan told Asharq Business.
The agreement with Uzbekistan aims at benefiting from high global demand for renewable energy and the company’s desire to expand in Asia and Africa, he said.
The project is expected to meet the energy needs of nearly 4 million housing units and reduce about 2.5 million tons of carbon dioxide emissions annually. This is consistent with the Uzbek government’s goals of generating 30 percent of the country’s energy needs from renewable sources by 2030.
ACWA Power implements largest wind power plant in Central Asia
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ACWA Power implements largest wind power plant in Central Asia
- The project is expected to meet the energy needs of nearly 4 million housing units and reduce about 2.5 million tons of carbon dioxide emissions annually
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
