Skip to content Skip to Search
Skip navigation

Acwa Power agrees $1.5bn Kazakh wind project 

By Pramod Kumar
Acwa Power Kazakh wind project 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.

Latest articles

People, Person, Adult

ADQ unveils plans for Ras El Hekma Egyptian project

Abu Dhabi sovereign wealth fund ADQ has revealed the plans for the Ras El Hekma mega development, which will contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly. The sovereign fund has appointed Abu Dhabi-listed Modon Holding as the master developer for the 170 million sq m project. Modon […]

Advertisement, Person, Clothing

Almarai Q3 2024 profit rises 17% amid revenue growth

Almarai, the Middle East’s largest dairy farm, said third-quarter 2024 net profit rose 17 percent to SAR570 million ($152 million), compared with SAR486 million a year ago. The profit growth was driven by a 9 percent year-on-year increase in revenue to SAR5.2 billion amid growth in all product categories across all geographies, except Egypt. Despite […]

Clothing, Footwear, Shoe

PIF explores raising stakes in Japanese gaming companies 

Saudi Arabia’s Public Investment Fund is exploring increasing its stakes in Japanese gaming companies to develop the kingdom as a global centre for gaming. “There are always opportunities,” Prince Faisal bin Bandar Al Saud, vice chairman of Savvy Games Group told Kyodo News, a Japanese news agency. PIF now owns 8.6 percent of Nintendo, after […]

Gulf airlines, Gulf airlines conflict, Gulf conflict risk, Gulf flights cancelled rerouted

Conflict risk leads Gulf airlines to cancel regional routes

Gulf airlines are among airlines that have cancelled and rerouted flights across the Middle East as the conflict between Iran and Israel escalates. They are avoiding Iranian airspace and many have cancelled routes entirely following a major missile attack by Iran against Israel on Tuesday. Immediately after the attacks about 80 flights operated by carriers […]