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.
