Skip to content Skip to Search
Skip navigation

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.

Latest articles

China’s Lenovo issues $2bn bonds to repay Saudi Alat debt

China’s Lenovo Group has issued $2 billion in convertible bonds to Alat, a Public Investment Fund (PIF)-backed technology manufacturing company, to repay its existing debt and boost working capital. As part of the agreement, the Hong Kong-headquartered personal computer maker will open a new PC and server manufacturing facility and establish its Middle East and Africa […]

A UBS report shows wealthy Latin American families are more likely to invest in the Middle East than US or European counterparts

Wealthy Latin Americans more likely to invest in Middle East

Wealthy Latin American families were more present as investors in the Middle East than those from other parts of the world in 2023, a global banking report says, but overall numbers are low and down from 2022.  UBS bank’s Global Family Office Report for 2024 showed that Latin American families had placed 2 percent of […]

Elon Musk launched xAI last year. It will use the new funding to bring products to market and research technologies

Prince Alwaleed part of Elon Musk’s $6bn AI funding round

Elon Musk’s artificial intelligence startup xAI has secured $6 billion in a series B funding round led by investors including Saudi billionaire Prince Alwaleed Bin Talal and his investment firm Kingdom Holding Company. The round, which also included investments from Dubai-based Vy Capital and US companies Andreessen Horowitz and Sequoia Capital, will assist the commercial […]

PIF space unit

PIF launches space unit, despite Saudi funding constraints

Saudi Arabia’s Public Investment Fund has launched a space unit to develop off-planet commercial activities, despite challenges the sovereign wealth fund faces funding Saudi Arabia’s giga-projects.  The PIF-owned Neo Space Group will invest in satellite navigation and communications, Earth observation and remote sensing. It will also include a venture capital fund to help Saudi startups […]