The project aims to support national climate action and promote sustainable development
ACWA Power announced the signing of the Roadmap Agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan’s Investment Development Fund and sovereign wealth fund, for the 1GW wind energy and battery storage project within the Central Asian country.
The agreement was signed by HE Almassadam Satkaliyev, Minister of Energy of the Republic of Kazakhstan; Nurlan Zhakupov, CEO of Samruk-Kazyna; Basil Yernat Duisenbekuly, Deputy Governor of the Zhetysu region; and Marco Arcelli, CEO, ACWA Power. The ceremony was also attended by HRH Prince Abdulaziz Bin Salman Al Saud, the Minister of Energy of the Kingdom of Saudi Arabia.
“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,” affirmed Marco Arcelli, CEO, ACWA Power.
Huge investment
With the head of terms agreement announced earlier this year, the 1GW wind project represents ACWA Power’s entry into Kazakhstan, and with an investment tag of US$ 1.5bn, marks the biggest Saudi investment in Kazakhstan’s power sector to date.
The project aims to support national climate action, utilise renewables and promote sustainable development through innovation and technology integration. With completion scheduled for 2027, the development will play a crucial role in decarbonising fossil fuel-based power generation.
Central Asia is ACWA Power’s second-largest market in terms of investments, underscoring the company’s long-standing commitment to the region.
