Abu Dhabi companies to invest $6 billion in clean energy projects – ITP.net

Abu Dhabi companies to invest $6 billion in clean energy projects – ITP.net

Aby Dhabi Development Holding Company (ADQ) and Abu Dhabi National Energy Company (TAQA), an integrated utility company, have signed a long-term strategic agreement with Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan, to explore opportunities in the clean energy sector in the central Asian country.

As part of the agreement, ADQ and its portfolio companies may invest up to $6 billion into energy projects in Kazakhstan and the entities will partner to create a holding company that will oversee and effectively manage any acquired assets.

ADQ, TAQA and Samruk-Kazyna will explore three greenfield power projects in Kazakhstan, including a 2 GW solar photovoltaic (PV) power plant, a 2 GW wind power plant and a 1 GW combined-cycle gas-fired power plant. ADQ and TAQA would jointly hold a 51% stake in each project with Samruk-Kazyna holding the remaining interest.