ACWA Power inks major renewables deal with Kazakhstan government

7 March 2023

ACWA Power has announced a ground-breaking partnership agreement with the Republic of Kazakhstan’s Ministry of Energy, and with Samruk-Kazyna, the sovereign wealth fund of Kazakhstan, to lead and develop a 1GW wind energy and battery storage project within the country.

The project marks ACWA Power’s entry into Kazakhstan, and with an initial investment of US$1.5 billion, it aims to support national climate action, renewables integration, and sustainable development efforts ‘through innovation and technology integration’. It is intended to decarbonise fossil fuel-based power generation following its scheduled completion in 2027. The partnership has been formalised with a head of terms agreement signed by H.E. Bolat Akchulakov, Kazakhstan’s minister of Energy.

The Kazakhstan 2050 Strategy which defines the course for long-term economic development 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% 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.

ACWA Power’s involvement will represent the biggest Saudi investment in Kazakhstan’s power sector to date, with wind turbines and battery storage intended to unlock new value and help ensure that involved parties capitalise on emissions abatement and energy transition opportunities.

Image: Representatives from ACWA, Kazakhstan's Ministry of Energy and Samruk-Kazyna at the signing ceremony  (courtesy of ACWA Power)

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