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. Within 2.5 years, he secured 4,100 MW of PPP power deals, representing USD 4 billion in investment. His efforts laid the foundation for a portfolio in Uzbekistan - now exceeding 10 billion USD - spanning conventional power, renewable energy, and green hydrogen.

At the time of Tom’s first visit in Q2 2019, Uzbekistan had only recently established its Ministry of Energy. Until 2017, the country had been virtually closed to international capital. As reforms accelerated, the government moved urgently to attract foreign investment—particularly in power generation—through direct negotiations with reputable developers.

Tom stepped into a fragmented and high-stakes environment:

No precedent for PPPs
Rapidly evolving regulation
Ministries still in early stages of capacity building
Misalignment across ministries, agencies, and utilities

Through a meticulous, high-trust, and persistent approach, Tom achieved quick but robust results, helping transform Uzbekistan’s energy sector from the ground up.

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

To succeed, Tom deployed a tailored, principled, and deeply engaged approach:

Strong personal involvement, directly leading complex negotiations and project development—despite also spearheading similar entries in Azerbaijan and Ethiopia at the same time.
Navigated the political and institutional terrain, building high-trust relationships across ministries and authorities.
Crafted a clear value proposition, aligning commercial and technical terms with Uzbekistan’s policy priorities.
Drove process discipline, turning around proposals, clarifications, and agreements with speed and rigor.
Aligned competing interests across government entities.
Educated rather than exploited, ensuring agreements were based on genuine understanding, not formal acquiescence.
Played the long game, prioritizing trust and credibility over short-term wins.

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.