Saudi Arabia-China energy cooperation boosted by sale of Uzbek wind project

Saudi energy company ACWA Power announced Wednesday that it has sold a stake in its wind farm project in Uzbekistan to a Chinese company, part of efforts by both countries to expand their energy presence in Central Asia.

ACWA Power has sold 35% of its Power Bash Wind Project and Uzbekistan Wind Project to state-owned development arm China Southern Power Grid. The closing ceremony for the sale was held in Tashkent, and the transaction marks the first joint investment between ACWA Power and China Southern Power Grid, the former said in a press release.

ACWA Power did not specify the financial terms of the sale. The companies whose shares were sold are related to the Bash and Dzhankeldy wind farm projects, which are currently under development in Uzbekistan.

Based in Riyadh, ACWA Power focuses on water desalination, in addition to renewable energy projects. China Southern Power Grid is a utility company headquartered in Guangzhou.