International
$6 billion! ADQ and Taqa sign energy agreement with Kazakhstan's wealth fund
Seetao 2021-12-02 10:32
  • ADQ will invest up to USD 6 billion in clean energy projects in Kazakhstan
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Abu Dhabi’s holding company ADQ and energy company Taqa have signed a long-term agreement with Kazakhstan’s sovereign wealth fund Samruk-Kazyna for ADQ and its portfolio companies to invest up to US$6 billion in energy projects in Kazakhstan.

Kazakhstan ushered in new energy development opportunities

ADQ, Taqa and Samruk-Kazyna will explore three greenfield power generation projects in Kazakhstan, including a 2 GW solar photovoltaic (PV) power plant, a 2 GW wind power plant and a 1 GW combined cycle gas-fired power plant. ADQ and Taqa will jointly hold 51% of each project, with Samruk-Kazyna owning the remaining equity. At the same time Taqa will also participate in the operation and maintenance of all three projects.

ADQ CEO Mohamed Alsuwaidi said: “As one of the largest investment companies in the region and owns the largest energy and utility portfolio in Abu Dhabi, we are actively seeking new investment opportunities where we can add value. At the same time, make positive contributions to the energy ecosystem." The deal was reached while the bilateral relationship between the UAE and Kazakhstan was developing. In October, the two governments signed a joint statement to establish a long-term strategic partnership and focus on the development of key industrial projects. Keywords: engineering construction, engineering news

The agreement builds on existing energy transactions between the two countries. Abu Dhabi clean energy company Masdar and Samruk-Kazyna signed an agreement in February 2021 to explore renewable energy opportunities in the country. According to the preliminary agreement, the two companies said they will study the potential for cooperation in renewable energy projects and the establishment of joint ventures. ADQ and Taqa will also use their expertise to modernize Kazakhstan's current power grid. Almassadam Satkaliyev, CEO of Samruk-Kazyna, said: “In addition to developing greenfield power projects, the joint venture will also modernize the traditional power sector by switching to natural gas and green energy.”Editor/XingWentao

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