Abu Dhabi’s largest holding company ADQ and Abu Dhabi National Energy Company (TAQA) have signed a long-term agreement with the sovereign wealth fund of Kazakhstan, Samruk-Kazyna to explore opportunities in the energy sector in the central Asian country.
Under the terms of the agreement, ADQ and its portfolio firms may invest up to $6 billion into energy projects in Kazakhstan and the parties will collaborate to form a holding company that will oversee and effectively manage any acquired assets.
ADQ, TAQA and Samruk-Kazyna will explore three greenfield power projects in Kazakhstan, including a 2 GW solar photovoltaic (PV) power plant, a 2 GW wind power plant and a 1 GW combine-cycle gas fired power plant, according to the statement.
ADQ and TAQA would jointly hold a 51 percent stake in each project with Samruk-Kazyna holding the remaining interest. Further, TAQA will be involved in the operations and maintenance of all three projects, once they become operational.
“As one of the region’s largest investment companies and with Abu Dhabi’s largest portfolio of energy and utilities 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.”
Mr. 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.”
“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 clear 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 the gas and green energy sources,” commented Mr. Almasadam Satkaliyev, Chief Executive Officer of Samruk-Kazyna.