Masdar has signed an agreement related to the development of a 1GW wind power plant in the Republic of Kazakhstan.
The move would mark Masdar’s first investment in the Central Asian country.
Mohamed Jameel Al Ramahi, chief executive of Masdar, signed an agreement with Bolat Akchulakov, the Minister of the Kazakh Ministry of Energy, and Nurlan Zhakupov, chief executive of Kazakhstan Investment Development Fund (KIDF) Management Company.
Under the agreement, the three parties will jointly develop an up to 1GW wind power project, with the first phase focused on deploying a capacity of 500MW with the possible inclusion of battery storage.
Al Ramahi said: “We look forward to strengthening our relationship with Kazakhstan, and supporting the Kazakh government’s achievement of its clean energy objectives.
“Masdar has already developed a strong presence in Central Asia, and by leveraging our experience of the region, we aim to deliver a world-class wind plant that will support Kazakhstan’s energy transition and advancement of its net zero ambitions.”
Zhakupov added: “KIDF is a government tool for minimising investment risks for foreign investors through project co-financing and was created to ensure the comfort of investors when implementing developments in Kazakhstan.
“We are pleased that Masdar, one of the leading global players in the renewable energy field, has chosen us as a partner for the joint implementation of a wind farm in Kazakhstan with up to 1GW total capacity.
“We look forward to enhancing our cooperation and establishing a long-term strategic partnership with Masdar to develop renewable energy projects in Kazakhstan.”