ACWA Power enters Kazakhstan with 1-GW wind-plus-storage project

Saudi Arabia's ACWA Power (TADAWUL:2082) said on Thursday it will lead and develop a 1-GW wind energy and battery storage project in Kazakhstan under an agreement with the country’s energy ministry and its sovereign wealth fund Samruk-Kazyna.

The parties signed a head of terms agreement for the project in Riyadh, in the wake of a visit by Kazakhstan’s president to Saudi Arabia in July 2022.

ACWA Power said the project marks its entry into Kazakhstan with an initial investment of USD 1.5 billion (EUR 1.4bn).

Samruk-Kazyna explained the project is included in the second package of the fund’s priority projects. It is expected to be located in the area of the Dzungarian gates of the Zhetysu region and to be completed in 2027.

The development will support Kazakhstan’s goal of meeting 50% of its energy needs through alternative and green energy resources by 2050.

In January, Abu Dhabi Future Energy Company, or Masdar, also announced an agreement to explore the development of an up-to-1-GW wind farm in Kazakhstan.

(USD 1 = EUR 0.943)

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