ACWA Power signs roadmap agreement for 1GW wind energy and battery storage project in Kazakhstan

ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, announced on Tuesday 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 1GW wind energy and battery storage project within the Central Asian country. This significant milestone establishes the project’s roadmap, providing a clear direction for the formalisation of processes and paving the way for construction.

The agreement was signed by H.E. Almassadam Satkaliyev, Minister of Energy of the Republic of Kazakhstan; Nurlan Zhakupov, CEO of Samruk-Kazyna; Basil Yernat Duisenbekuly, Deputy Governor of the Zhetysu region; and Marco Arcelli, CEO of ACWA Power. The ceremony also had the honour of the presence of HRH Prince Abdulaziz bin Salman Al Saud, the Minister of Energy of the Kingdom of Saudi Arabia.

“The signing today 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 transformative project will have a profound impact on the country’s socioeconomic landscape, and we are truly honoured to be an integral part of this journey, said Marco Arcelli, CEO of ACWA Power. “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.”

With the head of terms agreement announced earlier this year, the 1GW wind project represents ACWA Power’s entry into Kazakhstan, and with an investment tag of US$1.5 billion, marks the biggest Saudi investment in Kazakhstan’s power sector to date. The project aims to support national climate action, utilise renewables and promote sustainable development through innovation and technology integration. With completion scheduled for 2027, the development will play a crucial role in decarbonising 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 endeavour seeks to unlock new value and capitalises on emissions abatement and energy transition opportunities through the utilisation of wind turbines and battery storage.

About ACWA Power

ACWA Power (TADAWUL:2082) is a developer, investor and operator of power generation, desalinated water and green hydrogen production plants. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 12 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power’s portfolio comprises 77 projects in operation, advanced development, or construction with an investment value of SAR 293 billion (USD 78.2 billion), and the capacity to generate 50.4 GW of power and manage 6.8 million m3/day of desalinated water per day, delivered on a bulk basis to address the needs of state utilities and industries on long term, off-taker contracts under utility services outsourcing and Public-Private-Partnership models.