News

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.

Published

2 years ago

December 29, 2022

Nour Nasir

saudi firm acwa power to build 1.5 gw wind farm in uzbekistan

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.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

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Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.