ACWA Power signs deal with Kazakhstan energy ministry


ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, recently announced the signing of the Roadmap Agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan’s Investment Development Fund and sovereign wealth fund, for the 1-GW wind energy and battery storage project within the Central Asian country. This significant milestone provides a clear direction for processes and paves the way for construction.

The agreement was signed by H.E. Almassadam Satkaliyev, Kazakhstan’s minister of energy; Nurlan Zhakupov, Samruk-Kazyna CEO; Basil Yernat Duisenbekuly, Zhetysu region deputy governor; and Marco Arcelli, CEO of ACWA Power. The ceremony also had the honor of the presence of HRH Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s minister of energy. (Courtesy: ACWA Power)

“The signing exemplifies the progress of the 1-GW wind and battery storage project, setting the stage for Kazakhstan’s stride toward its clean energy ambitions,” said Marco Arcelli, ACWA Power CEO. “The transformative project will have a profound impact on the country’s socioeconomic landscape. Our appreciation goes to the Kazakhstani government and the visionary leadership of HRH Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, for their unwavering support, invaluable guidance, and unparalleled commitment.”

The 1-GW wind project represents ACWA Power’s entry into Kazakhstan, and with an investment tag of $1.5 billion, marks the biggest Saudi investment in Kazakhstan’s power sector. The project aims to support national climate action, and promote sustainable development through innovation and technology integration. With completion scheduled for 2027, the development will play a crucial role in decarbonizing fossil fuel-based power generation.

Central Asia is ACWA Power’s second-largest market in terms of investments, underscoring the company’s long-standing commitment to the region. This endeavor seeks to unlock new value. It also capitalizes on missions abatement and energy-transition opportunities through wind turbines and battery storage.

More info