Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, signed an agreement with Bolat Akchulakov, the Minister of the Kazakh Ministry of Energy, and Nurlan Zhakupov, Chief Executive Officer of Kazakhstan Investment Development Fund (KIDF) Management Company Ltd., at an event in the Presidential Palace in Abu Dhabi.
As per the agreement, the three parties will jointly develop up to 1 GW wind power project, with the first phase focused on deploying a capacity of 500 megawatts (MW) with the possible inclusion of battery storage.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “We look forward to strengthening our relationship with Kazakhstan, and to supporting the Kazakh Government’s achievement of its clean energy objectives.
"Masdar has already developed a strong presence in Central Asia, and by leveraging our experience of the region, we aim to deliver a world-class wind plant that will support Kazakhstan’s energy transition and advancement of its net zero ambitions.”
Nurlan Zhakupov, Chief Executive Officer of KIDF, said, “KIDF is a government tool for minimizing investment risks for foreign investors through project co-financing and was created to ensure the comfort of investors when implementing projects in Kazakhstan.
"We are pleased that Masdar, one of the leading global players in the renewable energy field, has chosen us as a partner for the joint implementation of a wind farm in Kazakhstan with up to 1 GW total capacity. We look forward to enhancing our cooperation and establishing a long-term strategic partnership with Masdar to develop renewable energy projects in Kazakhstan.”
Kazakhstan is pursuing a goal of reaching carbon neutrality by 2060 and is also aiming to increase its share of renewable energy in domestic electricity generation to 10 percent by 2030 and 50 percent by 2050.
Masdar recently announced a new shareholding structure and additional focus on green hydrogen, making it one of the largest clean energy companies of its kind. With a goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tons per annum annually by 2030, the new Masdar is a clean energy powerhouse that will spearhead the UAE’s Net Zero by 2050 Strategic Initiative and drive the global energy transition.