Masdar, Kazakh sovereign wealth fund explore renewables partnership

Abu Dhabi Future Energy Company PJSC, better known as Masdar, on Thursday announced a memorandum of understanding (MoU) with the sovereign wealth fund of Kazakhstan, Samruk-Kazyna, to evaluate the potential to jointly develop renewable energy projects in the Asian country.

The partners will also consider setting up a joint venture.

For Masdar, Central Asia is "an area of strategic importance" and the company is looking to expand its presence there. Kazakhstan has set up a goal of lifting the portion of domestic power produced from renewable energy sources to 10% by 2030 and 50% by 2050.

Masdar is also active in Uzbekistan, where it is developing the 100-MW Nur Navoi solar project and a 500-MW wind farm.

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