BAKU, Azerbaijan, June 1. The energy transition
in Central Asia and neighboring regions poses not simply a
substitution of one fuel for another, but a deep transformation
that addresses issues of energy security, economic growth, and
responsibility to future generations, President for Central Asia at
ACWA Power, Abid Malik, said at the ministerial dialogue on
promoting the energy transition based on renewable energy sources
in Central Asia, held as part of the Baku Energy Week, Trend reports.
According to Malik, current investments in renewable energy in
Central Asia, the Caucasus, and Türkiye have become possible thanks
to reforms implemented by governments in the region, as well as the
active participation of international financial institutions,
including the World Bank, IFC, EBRD, ADB, and others.
He noted that Uzbekistan's example demonstrates significant
progress: ACWA Power began operations in the country in 2020 with
its first gas-fired power generation project, and today the
portfolio of ongoing and planned projects exceeds 11 GW, with
investments of approximately $20 billion.
Speaking about Azerbaijan, he announced the implementation of a
240 MW wind project, and in Türkiye, the company plans to develop
up to 5 GW of renewable capacity.
Malik emphasized that the key factor in the industry's
development remains the willingness of states to implement reforms
and create favorable conditions for investment, as well as the need
for closer cooperation between governments and financial
institutions.
