Briefly

ACWA Power to develop wind energy and battery storage in Kazakhstan

SAUDI ARABIAN COMPANY ACWA Power has signed an agreement with the Ministry of Energy of Kazakhstan and Samruk­Kazyna, 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 H.E. Almassadam Satkaliyev, Minister of Energy of the Republic of Kazakhstan; Nurlan Zhakupov, CEO of Samruk­Kazyna; Basil Yernat Duisenbekuly, Deputy Governor of the Zhetysu region; and Marco Arcelli, CEO of ACWA Power. The ceremony also had the honour of the presence of HRH Prince Abdulaziz bin Salman Al Saud, the Minister of Energy of the Kingdom of Saudi Arabia.

“The signing today exemplifies the remarkable progress of the 1GW wind and battery storage project, setting the stage for Kazakhstan's stride towards its clean energy ambitions. 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,” said Arcelli.

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$1.5 billion, 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 fuel­based power generation.

Central Asia is ACWA Power's second­largest market in terms of investments, underscoring the company's long­standing commitment to the region. This endeavour seeks to unlock new value and capitalises on emissions abatement and energy transition opportunities through the utilisation of wind turbines and battery storage.