ACWA: Reforms in Central Asian countries drive growth in renewable energy investment

Reforms carried out in Central Asian countries have contributed to a significant increase in investment in renewable energy sources.

Report informs that Abid Malik, President of ACWA Power for Central Asia, said this during the 31st Baku Energy Forum.

According to him, the development of renewable energy is not simply a transition from one type of fuel to another, but a comprehensive transformation aimed at strengthening countries" energy security, ensuring economic growth and promoting sustainable development for future generations.

"The momentum observed in the renewable energy sector in Central Asia, the South Caucasus and Türkiye in recent years has been made possible by reforms and governments" readiness for change," Malik said.

Citing Uzbekistan as an example, he described the reforms carried out in the country over the past five years as a significant success story. According to Malik, the company began operating in Uzbekistan in 2020, and today its project portfolio in the country exceeds 11 GW, with potential investment of around $20 billion.

Malik also said the company is implementing wind energy projects in Azerbaijan with a total capacity of about 240 MW, while in Türkiye it plans to develop renewable energy facilities with a total capacity of up to 5 GW.

He particularly emphasized the important role of international financial institutions in supporting the energy transition. The company president named the World Bank, the International Finance Corporation, the European Bank for Reconstruction and Development, the Asian Development Bank, the Asian Infrastructure Investment Bank and the Islamic Development Bank as key partners.

"The main challenge remains the need for governments to better understand financing mechanisms and to reduce concerns related to investment commitments in energy projects," Malik said.