Saudi Arabia-based Acwa Power has signed a road map for a 1GW wind power and battery storage project with Kazakhstan’s Ministry of Energy and the country’s sovereign wealth fund, Samruk-Kazyna.
Considered a milestone for the establishment of the project, the road map will pave the way for the formalisation of processes as well as construction.
The agreement formalises ACWA Power’s entry into the Kazakh power sector.
Central Asia is the Saudi company’s second-biggest market by investments.
Estimated to cost $1.5bn (SR5.63bn), the project is the largest Saudi investment in the power industry in Kazakhstan.
It is expected to be completed in 2027 and will support national climate action.
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ACWA Power CEO Marco Arcelli stated: “The signing today exemplifies the remarkable progress of the 1GW wind and battery storage project, setting the stage for Kazakhstan’s strides towards its clean energy ambitions.
“The transformative project will have a profound impact on the country’s socioeconomic landscape, and we are truly honoured to be an integral part of this journey.”
In March 2023, ACWA Power signed a partnership agreement with Kazakhstan’s Ministry of Energy and Samruk-Kazyna.
The Kazakhstan 2050 strategy sets the course for the country’s long-term economic development, with sustainability as a priority.
Kazakhstan is focused on meeting 50% of its energy needs from renewable and green sources by 2050.
UAE’s Masdar also recently signed a road map with Kazakhstan’s Ministry of Energy and Samruk-Kazyna to build a 1GW wind farm project in the central Asian country.