Masdar, Kazakhstan’s sovereign wealth fund unite to explore renewable energy opportunities

By Shilpa Annie Joseph, Official Reporter
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Abu Dhabi-based leading renewable energy company Masdar and Kazakhstan’s sovereign wealth fund Samruk-Kazyna have signed an agreement to explore renewable energy opportunities in the country.

Masdar said in a statement that under the agreement the two organizations will study the possibility of working together on renewable energy projects and the formation of a joint venture.

Mohamed Jameel Al Ramahi
Mohamed Jameel Al Ramahi
CEO – Masdar

“As a global leader in renewable energy projects, active in more than 30 countries, Masdar is well-positioned to help the Republic of Kazakhstan achieve its clean energy objectives. We look forward to collaborating with Samruk-Kazyna on developing of renewable energy projects in the country. We also welcome the opportunity to extend our presence in Central Asia, which we see as an area of strategic importance for us.”

“Samruk-Kazyna JSC is going through the process of transformation into an investment holding. We are striving towards Mubadala’s operational model. This also applies to international investments,” commented Akhmetzhan Yessimov, CEO of Samruk-Kazyna.

Established in 2008, Samruk-Kazyna has a portfolio of enterprises across industries, including firms in the electric power generation and distribution sectors. The Government of the Republic of Kazakhstan has committed to increasing the share of renewable energy in domestic electricity generation to 10 percent by 2030 and 50 percent by 2050.

Last December, Masdar has reported the financial close of the 100-megawatt Nur Navoi Solar Project, Uzbekistan’s first successfully funded independent power producer solar project. Further, the Abu Dhabi company has signed an agreement last year with the Uzbekistan government to design, finance, build and operate a 500MW utility-scale wind farm project in the Zarafshon district of the Navoi region. It is expected to begin commercial operations at the end of 2024.

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