Saudi’s ACWA Power sets roadmap for $1.5bn wind energy project in Kazakhstan

image: ACWA Power

ACWA Power has signed a ‘roadmap agreement’ with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan’s Investment Development Fund and sovereign wealth fund, for a 1GW wind energy and battery storage project within the Central Asian country.

 “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 Marco Arcelli, CEO of ACWA Power. 

 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 $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.

Key market for ACWA Power

Central Asia is ACWA Power’s second-largest market in terms of investments.

For ACWA Power, this project aims to add new value and capitalises on emissions abatement and energy transition opportunities through the utilisation of wind turbines and battery storage.

In other news, Masdar also signed a roadmap agreement for developing a c. 1GW wind power plant in Kazakhstan to support the country’s goal of achieving half its energy mix from renewables by 2050.