ACWA Power to build $1.5 billion wind power plant in Kazakhstan

Agreement signing ceremony

ACWA Power Co. signed an agreement worth $1.5 billion with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, paving the way for the implementation and management of a wind energy and battery storage project with a total capacity of one gigawatt (GW).

The agreement was signed in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman.

In a statement, ACWA Power pointed out that the project was agreed by both parties in March.

The plant marks ACWA Power’s entry into the Kazakh market, with an initial investment of $1.5 billion. It aims to support the Asian country's strategic plans for shifting to clean and renewable energy.

The project, when fully completed in 2027, will contribute to decarbonizing the fossil fuel-based power generation sector.