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HomeFunding ACWA Power Raises $262.7 Million in Funding

[Funding Alert] ACWA Power Raises $262.7 Million in Funding

ACWA Power is delivering essential power and water across 3 continents. They are driving the transition to a carbon free, greener future. The state-backed National Electric Grid of Uzbekistan and ACWA Power Company have signed a significant 25-year power purchase agreement (PPA) valued at SAR 985.13 million ($262.7 million).

This agreement relates to the Nukus2 project, which calls for the construction of a battery energy storage system in addition to a 200 megawatt (MW) wind farm.

Read also – Indonesia-based Blitz Electric Mobility Secures $1.6 Million in Funding

An announcement made by ACWA Power Company through the Saudi stock exchange states that the project will follow the build, own, operate, and transfer paradigm.

The entire investment value is still subject to change as the project moves closer to a financial conclusion, even though it is now in the Nukus2 developmental phase.

Read also – Kemet Financial Technologies secures a $5 Million in Funding

This initiative is noteworthy because it functions within the parameters of Uzbekistan’s public-private partnership statute, highlighting the cooperation between the public and private sectors in promoting sustainable infrastructure related to energy in the nation.

About ACWA Power

ACWA Power transforms millions of lives by providing vital water and power across three continents. Greener, carbon-free future is what they are driving.

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