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Acwa Power to build 1GW wind energy plant in Kazakhstan

ACWA Power
The $1.5bln project aims to decarbonise fossil fuel-based power generation in Kazakhstan following its scheduled completion in 2027

Saudi renewable energy company Acwa Power has signed a partnership agreement with Kazakhstan’s Ministry of Energy and Samruk-Kazyna, the sovereign wealth fund of Kazakhstan, to develop a 1GW wind energy and battery storage project in the Central Asian country. 

The initial investment in the project will be $1.5 billion, the biggest Saudi investment in Kazakhstan’s power sector to date. 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 by 2050.

Profit doubles in 2022

The Saudi-listed company said that consolidated net profit stood at SAR1.54 billion ($410.31 million) for 2022, up 103 percent, compared to SAR759 million year-on-year. 

The growth was primarily driven by lower impairment losses, financial income and gains recognised on the settlement of long-term financing and divestment of a partial stake in the company’s Sirdarya project in Uzbekistan.  

“We have proved that our develop-invest-operate-optimise business model can weather geopolitical, economic and supply chain challenges to a large extent,” said Paddy Padmanathan, president and CEO, Acwa Power. 

Last year the company entered into several sale and purchase agreements with Shuqaiq Water and Electricity Company, Acwa Power Uzbekistan Project Holding Company, Shuaa Energy 3 PSC, Vinh Hao 6 Power Joint Stock Company and Acwa Power Green Energy Africa Proprietary Limited. 

Overall, in 2022, Acwa Power added 5.44 GW of power generation and 600,000 cubic metres per day of water desalination capacity in Saudi Arabia, Egypt and Uzbekistan.

Acwa Power’s board has approved a dividend payment of SAR606.8 million for 2022, payable this year, subject to shareholders’ approval at the upcoming general assembly meeting.