ACWA Power, a prominent Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants globally, has revealed the signing of the Roadmap Agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, the Investment Development Fund and sovereign wealth fund of Kazakhstan.
The agreement pertains to a noteworthy 1GW wind energy and battery storage project located in the Central Asian nation. This notable achievement sets the project’s course, offering a definitive path for formalising procedures and facilitating the commencement of construction.
The signing ceremony saw the participation of esteemed individuals including Minister of Energy of the Republic of Kazakhstan Almassadam Satkaliyev; Samruk-Kazyna CEO Nurlan Zhakupov; Zhetysu region deputy governor Basil Yernat Duisenbekuly; and ACWA Power CEO Marco Arcelli.
The event was graced by the presence of Minister of Energy of the Kingdom of Saudi Arabia Prince Abdulaziz bin Salman Al Saud.
Arcelli said: “The signing today exemplifies the remarkable progress of the 1GW wind and battery storage project, setting the stage for Kazakhstan’s stride 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.
“Our appreciation goes to the Kazakhstani government and the visionary leadership of HRH Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, for their unwavering support, invaluable guidance and unparalleled commitment.”
Following the earlier announcement of the head of terms agreement, the 1GW wind project serves as ACWA Power’s inaugural venture in Kazakhstan. Boasting a substantial investment of $1.5bn, it stands as the largest Saudi investment in Kazakhstan’s power sector thus far. The project is strategically designed to contribute to national climate initiatives, harness renewable energy sources, and foster sustainable development by incorporating innovative technologies.
Set to be finalised by 2027, this development will play a pivotal role in the reduction of greenhouse gas emissions from conventional fossil fuel-based power generation.
ACWA Power‘s dedication to Central Asia is evident as the region stands as the company’s second-largest investment market. The project in question aims to unlock fresh value and capitalise on opportunities for emissions reduction and energy transition by leveraging the potential of wind turbines and battery storage technologies.
