ACWA Power, too, signs roadmap deal for 1-GW Kazakh wind project

ACWA Power signs wind project roadmap deal in Kazakhstan. Source: ACWA Power.

Saudi renewables developer ACWA Power Co (TADAWUL:2082) on Tuesday unveiled the signing of a roadmap agreement with Kazakhstan’s energy ministry in connection with a 1-GW wind-plus-storage project in the Central Asian country.

In addition to ACWA Power and the ministry, signatures on the agreement were put by Kazakhstan’s Investment Development Fund and sovereign wealth fund Samruk-Kazyna. Establishing the roadmap is a milestone that provides a clear direction for the formalisation of processes and paves the way for construction to begin, the Saudi company said in a statement.

The value of the project is estimated at USD 1.5 billion (EUR 1.4bn). It is expected to be completed in 2027.

ACWA Power’s announcement comes a day after Abu Dhabi-based Masdar said it has signed a project roadmap for the development of a similar-scale project in Kazakhstan’s Jambyl region.

(USD 1.0 = EUR 0.937)

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