ACWA Power installs first wind turbine in Uzbekistan

The wind turbine generator with a capacity of 6.5 MW and manufactured by Envision is the largest of its kind in Central Asia. File
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Updated 09 August 2023
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ACWA Power installs first wind turbine in Uzbekistan

RIYADH: Saudi Arabia has established itself as a significant energy leader in Central Asia, with the Kingdom’s ACWA Power installing the first turbine for its 500-megawatt Bash wind farm project in Uzbekistan’s Bukhara region.

According to a company press release, the wind turbine generator with a capacity of 6.5 MW and manufactured by Envision is the largest of its kind in Central Asia.

The installation of the wind turbine and generator was carried out by engineering, procurement, and construction contractor China Energy Engineering Corp.

“The successful installation of the first turbine on the Bash wind farm is just one of the many milestones we are excited to mark on this project,” said Kashif Rana, chief portfolio management officer of ACWA Power, in the statement.

The Bash wind farm, expected to be completed in the first quarter of 2025, will feature 79 wind turbine generators and produce more than 1,650 gigawatt-hours of power annually, lowering carbon dioxide emissions by 750 tons.

ACWA Power has a 25-year power purchase agreement with the JSC National Electric Grid of Uzbekistan for the project.

The Saudi power company’s portfolio includes 10 projects in Uzbekistan totaling $7.5 billion in investment value. ACWA Power said its ongoing investments and collaborations demonstrate its commitment to boosting economic development, renewable energy development, and sustainable development of Uzbekistan’s energy sector.

ACWA Power’s expanding portfolio saw it being named the largest water project developer outside of China by the UK-based Global Water Intelligence.  

In a press statement released on Tuesday, GWI noted that the Saudi company has significantly increased its lead among the top global developers with a gross capacity of 6.8 million cubic meters per day and a net capacity of 3.2 million m3 per day.  

In July, ACWA Power signed a land-related agreement to construct a massive wind farm that will supply electricity to 11 million Egyptian homes.  

According to the memorandum of understanding, which was signed by the firm and Egypt's New and Renewable Energy Authority, 3,000 sq. km of land will be set aside for the development of the project.  


Closing Bell: Saudi equities continue 4-day upward trend 

Updated 14 January 2026
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Closing Bell: Saudi equities continue 4-day upward trend 

RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15. 

Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion. 

The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.

The main market saw 90 gainers against 171 decliners, indicating selective buying. 

On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.

SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45. 

Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.  

Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44. 

On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.  

The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.  

The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move. 

Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.  

The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.

Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.