ACWA Power has signed an agreement for the development of a 1GW wind and battery project in Kazakhstan due online by the end of 2027.
The Roadmap Agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan’s Investment Development Fund and sovereign wealth fund provides a clear direction for the formalisation of processes and paving the way for construction.
The agreement was signed by Minister of Energy of the Republic of Kazakhstan HE Almassadam Satkaliyev, Samruk-Kazyna chief executive Nurlan Zhakupov, deputy governor of Zhetysu region Basil Yernat Duisenbekuly, and ACWA Power chief executive Marco Arcelli.
The ceremony also had the honour of the presence of Minister of Energy of the Kingdom of Saudi Arabia HRH Prince Abdulaziz bin Salman Al Saud.
“The signing exemplifies the remarkable progress of the 1GW wind and battery storage project, setting the stage for Kazakhstan’s stride towards its clean energy ambitions,” said Arcelli.
“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 for their unwavering support, invaluable guidance and unparalleled commitment.”
With the head of terms agreement announced earlier this year, the 1GW wind project represents ACWA Power’s entry into Kazakhstan.
With an investment tag of $1.5bn, it marks the biggest Saudi investment in Kazakhstan’s power sector to date.
Central Asia is ACWA Power’s second-largest market in terms of investments, underscoring the company’s long-standing commitment to the region.