ACWA Power agrees to sell its stake in Uzbekistan unit for $130m

RIYADH: ACWA Power has signed a share purchase agreement for $130 million to sell its 49 percent stake in ACWA Power Uzbekistan Project Holding Co.

The agreement was made with CVXF Inc., a subsidiary of the Silk Road Fund of China, according to a bourse filing.

The company said the project is a 1,500 MW combined cycle gas-fired power plant in Uzbekistan’s Syrdarya region, being developed by ACWA Power on a “build, own, operate, transfer” model.