'Biggest Saudi investment in Kazakhstan power' as ACWA seals 1GW wind-plus-battery plan
Riyadh-based developer makes entry into the Kazakh market with $1.5bn agreement that aims to bring giant complex online by 2027 as part of central Asian nation's decarbonisation strategy
Saudi power giant ACWA has made its entry into the highly prospective clean energy play emerging in Kazakhstan on the back of a $1.5bn deal with the central Asian nation’s governnment to develop a giant 1GW land-based wind and energy storage development in the country.
The agreement, struck with Astana and the Kazakhstani sovereign wealth fund, Samruk-Kazyna, looks forward to bringing the megaproject online in 2027, in line with “national climate action, renewables integration, and sustainable development efforts” as the country starts to decarbonise its fossil fuel-fired power generation fleet.
The as-yet-unnamed project is claimed to represent the “biggest Saudi investment in Kazakhstan’s power sector to date”.
“The signing [of the agreement to build the clean power development] once again exemplifies our commitment to partnering nations in their diversification endeavours and enabling sustainable progress,” said ACWA chairman Mohammad Abunayyan.
“Public private partnerships are indeed key to facilitating the energy transition reliably and responsibly. And given [Kazakhstan’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.
“This partnership would have not been possible without the guidance of HRH Prince Abdulaziz bin Salman Al Saud, minister of energy of Saudi Arabia, and the trust and commitment of our partners from the Kazakhstan government and we look forward to building a long-term partnership.”