Masdar has signed an agreement to develop a wind power plant with a capacity of up to 1 GW in Kazakhstan, marking its first investment in the country.
The agreement was signed by Masdar's CEO Mohamed Jameel Al Ramahi, the Kazakh Minister of Energy, and the CEO of the Kazakhstan Investment Development Fund (KIDF) at an event in Abu Dhabi.
The project will focus on deploying a capacity of 500 MW in its first phase, with the potential for battery storage to be included.
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 aims to become carbon neutral by 2060 and to boost the use of renewable energy in domestic electricity generation, targeting 10% by 2030 and 50% by 2050.
Masdar, now one of the leading clean energy companies, recently shifted its focus to green hydrogen and announced a new ownership structure.
Its ambitious goal is to generate 100 GW of renewable energy and produce 1 million tons of green hydrogen per year by 2030, playing a key role in the UAE's Net Zero by 2050 Strategic Initiative and driving the global shift towards clean energy.
