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.
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.
Kazakhstan aims to meet 50% of its energy demand with alternative and green energy technologies by 2050. This partnership is Saudi Arabia’s biggest investment to date in Kazakhstan’s power sector. Since you're here...
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.
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.
TotalEnergies will develop the project in partnership with the Kazakhstani wealth fund Samruk-Kazyna and national company KazMunayGas. Each Kazakh partner will hold a 20% stake in the project.
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We are committed to achieving our net zero by 2060 target and pleased to be collaborating with the UAE and Masdar to accelerate the energy transition in Kazakhstan," Minister Satkaliyev said. Kazakhstan aims to increase its renewables capacity to 15% of its energy supply by 2030 and further advance to 50% by 2050 and carbon neutrality by 2060.
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