ACWA Power, based in Saudi Arabia, has agreed to construct a 1 GW wind and battery storage project in Kazakhstan. The company inked a project deal with the Kazakhstan government and the country’s sovereign wealth fund, Samruk-Kazyna. By this agreement, ACWA Power enters Kazakhstan’s renewable energy market. The company has also pledged to make an initial $1.5 billion investment to promote national climate action, the integration of renewable energy sources, and sustainable growth. The project, which is set to begin construction in 2027, aims to decarbonise the region’s fossil-fuel-based electricity generation.
In February 2023, ACWA Power announced that four separate agreements have been finalised for the development of new renewable energy in the Republic of Azerbaijan. In line with ACWA Power’s commitment to lead and enable energy transition underpinned by its robust public-private partnership model, the company signed key implementation agreements with the Ministry of Energy and a cooperation agreement with State Oil Company of Azerbaijan Republic.