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ACWA Power, a well-known Saudi developer, investor, and operator in the power generation, water desalination, and green hydrogen sectors globally, recently announced the signing of a Roadmap Agreement. This agreement has been executed with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, the Investment Development Fund and the sovereign wealth fund of Kazakhstan.
The purpose of this agreement is to facilitate the development of a remarkable 1 GW wind energy and battery storage project within Kazakhstan. This milestone marks a significant step forward in the project’s progress, setting a clear direction for formalization processes and laying the foundation for the upcoming construction phase.
The agreement was signed by H.E. Almassadam Satkaliyev, Minister of Energy of the Republic of Kazakhstan; Nurlan Zhakupov, CEO of Samruk-Kazyna; Basil Yernat Duisenbekuly, Deputy Governor of the Zhetysu region; and Marco Arcelli, CEO of ACWA Power. HRH Prince Abdulaziz bin Salman Al Saud, the Minister of Energy of the Kingdom of Saudi Arabia was also present at the signing ceremony.
ACWA Power’s entry into Kazakhstan’s power sector is set to make a significant impact with the announcement of this 1 GW wind project. This ambitious venture, backed by a substantial investment of US$1.5 billion, represents the largest Saudi investment in Kazakhstan’s power sector so far. The project’s primary objectives are to contribute toward national climate action, harness renewable energy sources, and foster sustainable development through the integration of innovative technologies. Scheduled for completion by 2027, this development will play a vital role in the decarbonization of fossil fuel-based power generation, contributing to a more sustainable energy landscape.
Central Asia is ACWA Power’s second-largest market in terms of investments, underscoring the company’s long-standing commitment to the region. This endeavour seeks to unlock new value and capitalises on emissions abatement and energy transition opportunities through the utilisation of wind turbines and battery storage.
ACWA Power’s dedication to Central Asia is evident as it becomes the company’s second-largest investment market. This venture also highlights their longstanding commitment to the region. The project aims to unlock new value by capitalizing on opportunities for emissions reduction and energy transition. This will be achieved through the implementation of wind turbines and battery storage.
Speaking about the development, Marco Arcelli, Chief Executive Officer of ACWA Power, 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.”
