Uzbekistan – strategic power market entry & multi-billion USD deal origination

Context

In 2019, Tom Teerlynck was mandated to lead ACWA Power’s entry into Uzbekistan’s energy market—a country then only just opening to foreign investors and unfamiliar with public-private partnerships (PPPs). Within 2.5 years, Tom and his team secured 4,100 MW of power projects, representing over USD 4 billion in investment. That foundation has since grown into a USD 10+ billion portfolio spanning conventional power, renewable energy, and green hydrogen.

At the time of Tom’s first visit, Uzbekistan had only just established its Ministry of Energy. There were:

No precedent for PPPs
Rapidly evolving regulation
Ministries and agencies still building capacity
Misalignment across government entities

Tom entered a fragmented, high-stakes environment—and helped bring structure, trust, and momentum.

Key Milestones

Mid-2019 – First exploratory visit to Uzbekistan
Sep 2019 – MoU signed with Government for gas and wind projects
Mar 2020 – PPA & Investment Agreement signed for 1,500 MW Sirdarya CCGT plant
Jan 2021 – PPAs & Investment Agreements signed for 500 MW Bash & 500 MW Dzhankeldy wind projects
May 2021 – Implementation Agreement signed for 1,500 MW Karakalpakstan wind project
Dec 2021 – PPA and Government Support Agreement signed for 100 MW Karatau wind project (via public tender)

Approach

Working closely with ACWA Power’s development teams and advisors, Tom led the strategic entry and drove forward process through:

Direct leadership of complex negotiations across multiple projects and ministries.
Building trusted relationships with senior government officials and institutional stakeholders.
Aligning interests between commercial, technical, and political priorities.
Driving disciplined processes—ensuring responsiveness, speed, and rigor in all engagements.
Supporting internal team alignment and enabling ACWA Power to scale its development effort in-country.
Bridging cultural and institutional gaps, ensuring government stakeholders fully understood the implications of key clauses.
Balancing advocacy and integrity, reinforcing ACWA’s reputation as a responsible, long-term partner.

While spearheading the Uzbekistan entry, Tom was also advising similar market entries in Azerbaijan and Ethiopia, further underscoring his ability to step into highly complex environments and generate forward momentum.

Impact

His strategy delivered results. ACWA Power rapidly gained a reputation as a trusted partner. By the time Tom handed over his mandate at the end of 2021, the foundation was firmly in place for a long-term, transformational presence in the country

Impact on ACWA Power:

ACWA Power had become the most credible foreign investor in Uzbekistan’s energy sector.
Uzbekistan was on track to become the company’s largest market after Saudi Arabia.
The groundwork enabled ACWA Power to continue its expansion into wind, solar, battery storage, and green hydrogen.
The entry into Uzbekistan helped position ACWA Power as a serious player in Central Asia and demonstrated its ability to enter and lead complex frontier markets.
The initiative also helped catalyze broader geopolitical and economic ties between Saudi Arabia and Uzbekistan, opening new investment avenues beyond energy.

Impact on Uzbekistan:

Accelerated the modernization of Uzbekistan’s power generation fleet, helping the country avoid imminent power shortages.
Enabled the development and early execution of its national renewable energy strategy.
Created jobs and helped upskill a young and growing workforce in critical sectors.
Boosted investor confidence by showcasing Uzbekistan as a capable, reform-minded country open to top-tier international investment.
Contributed to the country's positioning as a future regional leader in clean and affordable energy.

Fact Sheet

Client
ACWA Power

Role
Leading strategic market entry, project origination, negotiation, development, and government engagement in close coordination with ACWA Power’s internal and external teams.

Timeframe
2019–2021

Investment Value