Tashkent, Uzbekistan (UzDaily.com) - The ceremony of signing an investment agreement on the construction of a combined cycle power plant by ACWA Power was held at the Ministry of Investment and Foreign Trade.

An investment agreement was signed in Tashkent between the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan and ACWA Power company on the construction of a combined cycle power plant with a capacity of 1,500 MW at Syrdarya TPP

ACWA Power (Saudi Arabia) is investing up to US$1.2 billion in the construction of a 1,500-megawatt power plant at the Syrdarya Thermal Power Plant under a public-private partnership.

An agreement on the purchase of electricity was also signed between National Electric Networks of Uzbekistan JSC and ACWA Power.

ACWA Power will design, finance, build and operate a power plant for the entire duration of the project.

The start of construction work is expected in the first quarter of 2020 with the commissioning of the facility by the end of 2023.

ACWA Power is a developer, investor, co-owner and operator of a portfolio of power plants and desalination plants that are currently represented in 10 countries, including the regions of the Middle East, North Africa, South Africa and Southeast Asia.

ACWA Power is headquartered in Saudi Arabia and has regional offices in Dubai, Istanbul, Cairo, Rabat, Johannesburg, Hanoi and Beijing.