- ACWA Power has signed a partnership agreement to develop a large-scale wind energy and battery storage project in Kazakhstan with the country’s energy ministry and a sovereign wealth fund.
- ACWA Power has developed more than 44GW of projects across a dozen countries since its founding in 2004.
ACWA Power has signed a partnership agreement to develop a large-scale wind energy and battery storage project in Kazakhstan with the country’s energy ministry and a sovereign wealth fund. The Saudi Arabian energy and water infrastructure development company said yesterday that the deal was signed with the Central Asian country’s Samruk-Kazyna sovereign wealth fund and its Ministry of Energy.
ACWA Power said the deal covers a 1GW wind energy and battery energy storage system (BESS) project scheduled for completion in 2027. It marks ACWA Power’s entry into the Republic of Kazakhstan. The company said an initial investment of US$1.5 billion will be made, supporting Kazakhstan’s aims of meeting 50% of its energy needs from renewable sources by 2050. ACWA Power said that the wind-plus-storage project would directly displace fossil fuel resources.
ACWA Power has developed more than 44GW of projects across a dozen countries since its founding in 2004. The company is active in renewable energy generation, desalination plants and green hydrogen. It has been awarded a contract to deliver what is thought to be the world’s biggest off-grid BESS to date, a system with at least 1,200MWh capacity for the Red Sea Project luxury ‘sustainable resort’ off the Saudi coast. A financial close was achieved on that project late last month, with Huawei set to provide the BESS solution.