Renewable Energy Acwa Power agrees $1.5bn Kazakh wind project By Pramod Kumar June 14, 2023 Acwa Power Acwa Power executives and Kazakhstan officials at the signing ceremony along with Saudi energy minister Prince Abdulaziz bin Salman Al Saud Saudi renewable energy firm Acwa Power has signed an agreement with the Kazakhstan energy ministry and Samruk-Kazyna, the Central Asian nation’s sovereign wealth fund, for a one-gigawatt wind energy and battery storage project. Boasting an investment tag of $1.5 billion, the project, the Saudi-listed company’s first in Kazakhstan, is the largest investment by the kingdom in the country’s power sector to date. “The signing today exemplifies the progress of the project, setting the stage for Kazakhstan’s stride towards its clean energy ambitions,” said Marco Arcelli, CEO of Acwa Power. The green scheme aims to decarbonise fossil fuel-based power generation following its scheduled completion in 2027. The Kazakhstan 2050 strategy includes a goal to meet 50 percent of the country’s energy requirements through alternative and green energy technologies. Earlier this week, the UAE’s renewable energy giant Masdar signed a deal to develop a wind farm in Kazakhstan. The facility will have a capacity of up to 1GW and a battery energy storage system.