ADQ, one of the locale’s biggest holding organizations with an expansive arrangement of significant undertakings spreading over key areas of Abu Dhabi’s differentiated economy, and Abu Dhabi National Energy Company PJSC (“TAQA”), one of the biggest recorded coordinated service organizations in the district, declared today that they have marked a drawn-out essential concurrence with Samruk-Kazyna, the sovereign abundance asset of the Republic of Kazakhstan, to investigate open doors in the energy area in the focal Asian country.
As a component of the arrangement, ADQ and its portfolio organizations might put up to US$6 billion into energy projects in Kazakhstan and the substances will accomplice to make a holding organization that will supervise and adequately deal with any obtained resources.
ADQ, TAQA, and Samruk-Kazyna will investigate three greenfield power projects in Kazakhstan, including a 2 GW sun-oriented photovoltaic (PV) power plant, a 2 GW wind power plant and a 1 GW joined cycle gas-terminated power plant. ADQ and TAQA would together hold a 51% stake in each venture with Samruk-Kazyna holding the excess interest. TAQA would likewise be associated with the activities and upkeep of each of the three ventures, once functional.
H.E. Mohamed Hassan Alsuwaidi, CEO of ADQ and Chairman of TAQA Group, commented: “As one of the region’s largest investment companies and with Abu Dhabi’s largest portfolio of energy and utility investments, we actively seek new investment opportunities where we can add value while contributing positively to the energy ecosystem. ADQ, together with our portfolio company, TAQA, is proud to work alongside Samruk-Kazyna to bring our sector expertise to Kazakhstan with these world-class projects that will further enhance Abu Dhabi’s global position as a major energy player.”
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said: “TAQA is pleased to partner with ADQ and Samruk-Kazyna on three important greenfield power projects in Kazakhstan. TAQA brings value to these projects with its strong track record and expertise in utility-scale power plants in clean solar PV and wind technologies, as well as our expertise in the highly efficient gas-fired technology in our existing fleet. In addition to this, TAQA has made a promise to its shareholders that it will ambitiously grow its international generation capacity and increase the proportion of renewables in our portfolio. This project demonstrates our rapid progress on our growth strategy as we actively pursue domestic and international expansion opportunities to showcase TAQA as the low carbon power and water champion of Abu Dhabi and beyond.”
Almasadam Satkaliyev, Chief Executive Officer of Samruk-Kazyna commented: “This is a historic announcement that will see Samruk-Kazyna partnering with two established leaders in the energy sector to advance greenfield power projects in Kazakhstan and unlock opportunities to further our progress on clean energy transition. Besides developing the greenfield power projects the joint company will also work on modernization of the traditional electric power sector by shifting to gas and green energy sources. We are delighted to be working with both ADQ and TAQA to build energy infrastructure that will power the nation and improve Kazakhstan’s energy self-sufficiency and leadership.”
The agreement follows growing UAE-Kazakhstan bilateral relations between the two countries, with the UAE representing one of Kazakhstan’s key partners in the Middle East. In October 2021, the governments of the two countries signed a joint declaration covering the establishment of a long-term strategic partnership aimed at developing projects in priority industries.