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Saudi Arabia’s ACWA Power Signs Wind Energy Project Deal in Kazakhstan

Scheduled for completion by 2027, the wind and battery storage project will play a crucial role in decarbonizing Kazakhstan’s power generation. Photo: ACWA Power
Scheduled for completion by 2027, the wind and battery storage project will play a crucial role in decarbonizing Kazakhstan’s power generation. Photo: ACWA Power
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Saudi Arabia’s ACWA Power Signs Wind Energy Project Deal in Kazakhstan

Scheduled for completion by 2027, the wind and battery storage project will play a crucial role in decarbonizing Kazakhstan’s power generation. Photo: ACWA Power
Scheduled for completion by 2027, the wind and battery storage project will play a crucial role in decarbonizing Kazakhstan’s power generation. Photo: ACWA Power

Saudi Arabia’s ACWA Power has signed a roadmap agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, the country’s Investment Development Fund, for a major wind energy and battery storage project, according to a press release from the company.

The agreement paves the way for the construction of a 1GW project in Kazakhstan, marking ACWA Power’s entry into the country.

With an investment of $1.5 billion, this represents the largest Saudi investment in Kazakhstan’s power sector to date.

Scheduled for completion by 2027, the wind and battery storage project will play a crucial role in decarbonizing Kazakhstan’s power generation, supporting climate action and sustainable development.

ACWA Power chief executive Marco Arcelli said that “the signing 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 signing ceremony was attended by Saudi Minister of Energy Prince Abdulaziz bin Salman Al Saud.

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.