ACWA Power has struck a partnership agreement with Kazakhstan’s Ministry of Energy and sovereign wealth fund Samruk-Kazyna to develop a 1GW wind energy and battery storage project.
The project marks ACWA Power’s entry into Kazakhstan, and with an initial investment of US$1.5bn, aims to support national climate action, renewables integration, and sustainable development efforts through innovation and technology integration.
It is intended to successfully decarbonise fossil fuel-based power generation following its scheduled completion in 2027.
ACWA Power’s involvement will represent the biggest Saudi investment in Kazakhstan’s power sector to date.
“The signing today once again exemplifies our commitment to partnering nations in their diversification endeavours and enabling sustainable progress,” said Mohammad Abunayyan, ACWA Power Chairman.
“Public private partnerships are indeed key to facilitating the energy transition reliably and responsibly. And given the republic’s values and emphasis surrounding decarbonisation, we are delighted to expand our operations into the Kazakhstani market and support its government in reaching essential renewable energy targets.”