Saudi Arabia-based energy company ACWA Power has agreed to build a 1GW wind and battery storage project in Kazakhstan.
The company signed an agreement for the project with the government of Kazakhstan and the country’s sovereign wealth fund, Samruk-Kazyna.
The deal marks ACWA Power’s entrance into Kazakhstan’s renewable energy segment.
The company has also committed to investing an initial $1.5bn to support national climate action, renewables integration and sustainable development.
ACWA Power chairman Mohammad Abunayyan said: “The signing today once again exemplifies our commitment to partnering nations in their diversification endeavours and enabling sustainable progress.
“Public-private partnerships are indeed key to facilitating the energy transition reliably and responsibly.
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“And given (Kazakhstan’s) values and emphasis surrounding decarbonisation, we are delighted to expand our operations into the Kazakhstani market and support its government in reaching essential renewable energy targets.”
Scheduled to come online in 2027, the project is intended to decarbonise fossil fuel-based power generation in the region.
It is said to be the largest Saudi investment in Kazakhstan’s power sector to date.
Abunayyan added: “This partnership would have not been possible without the guidance of our visionary leadership and Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, and the trust and commitment of our partners from the Kazakhstan government and we look forward to building a long-term partnership.”
The Mirny project will have 200 turbines and be coupled with a 600MWh battery storage system.
Later in the month, ACWA Power signed a $2.4bn power purchase agreement with the National Electric Grid of Uzbekistan (NEGU).
The company acquired three wind power special purpose vehicles to develop the Kungrad wind farm, which will have 1.5GW of capacity.