ACWA Power, Kazakhstan sign major renewable energy development deal

ACWA Power, Kazakhstan sign major renewable energy development deal

Saudi Arabia’s ACWA Power has signed a key partnership agreement with Kazakhstan’s Ministry of Energy and Samruk-Kazyna, the sovereign wealth fund of Kazakhstan. The deal will see the company lead and develop a 1GW wind energy and battery storage project in the Central Asian country. As a developer, investor, and operator of power generation, water desalination and green hydrogen plants, the project marks ACWA Power’s entry into Kazakhstan, with an initial investment of $1.5bn. The company’s involvement will represent the biggest Saudi investment in Kazakhstan’s power sector to date, with wind turbines and battery storage to ensure the involved parties capitalise on emissions abatement and energy transition opportunities. The agreement is in line with the Kazakhstan 2050 Strategy, which defines the course for long-term economic development and is aimed at placing the nation among the top 30 global economies by 2050. Sustainability is a key priority, and the focus is to meet 50 per cent of its energy requirements via alternative and green energy technologies by 2050. The country is fast-tracking a number of clean energy initiatives to achieve set targets. The agreement with ACWA Power aims to support national climate action, renewables integration, and sustainable development efforts through innovation