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Saudi Firm ACWA Power To Build 1.5 GW Wind Farm In Uzbekistan
The huge Kungrad Wind Farm will have an investment value of $2.4 billion, while offsetting 2.4 million tons of carbon annually.
Like many countries worldwide, Uzbekistan is beginning to ramp up its clean energy efforts. As part of the nation’s plans to decarbonize, Saudi Arabian company ACWA Power has been tasked to build a 1.5-gigawatt power generation plant in Karakalpakstan, which will be named the Kungrad Wind Farm.
With purchase and investment agreements signed in August 2022, ACWA is now ready to start work on three separate 500-megawatt wind turbine projects on the Uzbek site, plus an additional 100-megawatt battery storage system. In total, the site is projected to have an investment value of $2.4 billion and will be the largest single-site wind farm in Central Asia.
The Kungrad Wind Farm will offset 2.4 million tons of carbon emissions annually and support a long-term Uzbek government strategy to diversify the country’s energy production, which also aims to add 8 gigawatts and 12 gigawatts of solar and wind capacity, respectively, by 2030.
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“The development of green energy and market reform go hand in hand in Uzbekistan, and the Kungrad project is a milestone both for our wind industry and the new public-private partnership model […] The wind farm in Karakalpakstan, built by our reliable partner ACWA Power, will be another pillar of a sustainable and reliable energy system in Uzbekistan,” says Jurabek Mirzamakhmudov, Minister of Energy of Uzbekistan.
The project will be fully operational by 2027 when it will begin supplying energy to 1.65 million homes.
“The signing of key agreements today for the landmark Kungrad wind farm project, which will set a new benchmark for sustainable energy development in the region, would not have been possible without the guidance of our visionary leadership and the trust and commitment of our partners from the Uzbek government,” says Mohammad Abunayyan, Chairman, ACWA Power.
The 1.5-gigawatt Kungrad Wind Farm is ACWA Power’s fifth project in Uzbekistan. As part of the recently signed collaboration, the Saudi Arabian company will also construct several green hydrogen production plants in the Central Asian country, as Uzbekistan aims to lessen its reliance on natural gas.
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Checkout.com Set To Launch Card Issuing In The UAE
The payment service provider’s expansion is a first-of-its-kind investment and could reshape digital transactions across the region.
Checkout.com is laying the groundwork to become the first global payments platform to introduce card issuing in the United Arab Emirates — a move that could reshape how businesses in the region manage financial transactions.
The company plans to roll out its domestic card issuance offering in the UAE by 2026, subject to regulatory approval. The launch would give businesses the tools to issue both physical and virtual branded cards. This, in turn, opens up new ways to reward customers, streamline expense processes, and handle B2B payouts efficiently.
Checkout.com’s CEO and Founder, Guillaume Pousaz, revealed the plans during Thrive Abu Dhabi, the firm’s debut conference in the Emirates. Joined on stage by Remo Giovanni Abbondandolo, General Manager for MENA, Pousaz presented to an audience of over 150 partners and merchants at Saadiyat Island. Also in attendance was H.E. Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Abbondandolo highlighted the strategic importance of the announcement: “As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy. The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it”.
One early adopter of Checkout.com’s UAE acquiring services is Headout, a travel experiences marketplace, which recently named the payment provider as its main partner in Europe. The company has already begun card issuing there and is keen to expand that offering into MENA once approval is granted.
The expansion of services in the UAE and beyond builds on Checkout.com’s track record in the region. It was the first global payments firm to secure a Retail Payment Services license from the UAE’s Central Bank and was instrumental in rolling out Mada and Apple Pay in both the UAE and Saudi Arabia.
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The firm has also been rolling out new products: One of the latest is Flow Remember Me, currently in beta testing. It allows shoppers to store their card information once and access it across Checkout.com’s entire network, potentially cutting checkout times by up to 70%.
Earlier this year, Checkout.com also introduced Visa Direct’s Push-to-Card solution in the UAE, enabling both domestic and international payouts. Its collaboration with Mastercard has grown as well, making it easier for businesses to send funds directly to third-party cards securely and quickly.
With regional tech ambitions on the rise — spurred by initiatives like Saudi Arabia’s Vision 2030 and the UAE’s 2031 Agenda — Checkout.com sees its role as one of a key enabler. “Our mission is to help ambitious businesses navigate the complexity of payments, so they can move faster, go further, and make the most of every opportunity,” said Abbondandolo. “In MENA, performance is personal. It’s local. It’s built on trust. And when payments perform, businesses thrive”.
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