Saudi Arabia and Kazakhstan have formally agreed to a collaborative program that will facilitate the development of a 1-GW onshore wind farm in Kazakhstan by ACWA Power Co, based in Riyadh.
(TADAWUL:2082).
The cooperation program was signed by the governments of the two countries in Astana, the capital of Kazakhstan.
This agreement follows a memorandum of understanding (MoU) from last summer, which outlined cooperation in various sectors, including renewable energy.
As part of this initiative, ACWA Power, a Saudi electricity producer and water desalination company, will lead a consortium to build a wind power complex in the Zhetysu region of eastern Kazakhstan, near the Dzungarian Gate.
Construction on the project is scheduled to commence in the summer of 2025.
ACWA Power has announced that this project signifies its entry into Kazakhstan with an initial investment of USD 1.5 billion .
(EUR 1.37bn). The wind farm is expected to be operational by 2027.
This large-scale wind project will contribute to Kazakhstan’s aim of fulfilling 50% of its energy requirements through alternative and sustainable energy sources by 2050.
(USD 1.0 = EUR 0.915)
Source Deal
