Today in Riyadh, in the presence of HRH Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia, Chairman of the Board of Directors of ACWA Power Mohammad Abunayyan, Minister of Energy of the Republic of Kazakhstan Bolat Akchulakov, and Chairman of the Board of Samruk-Kazyna AlmassadamSatkaliyev signed the Heads of Agreement on the project for construction of wind power plants in Kazakhstan with an electricity storage system and a total capacity of 1 GW.

The document is the result of commitments in the field of development of the electric power industry and renewable energy sources, reached during the visit of the President of the Republic of Kazakhstan to the Kingdom of Saudi Arabia in July 2022.

The project to be implemented with ACWA Power is included in the second package of priority projects of the Fund. The project aims to assist achieving the carbon neutrality and increasing the share of renewable energy in the overall structure of the country's total power generation. Construction is expected in the area of the Dzungarian gates of the Zhetysu region.

ACWA Power will start to develop the project technologically, including wind speed measurements, assessment of the volume and cost of the required infrastructure.

For reference: ACWA Power (TADAWUL: 2082) is a developer, investor and operator of power generation, desalinated water and green hydrogen production plants. Registered and established in 2004 in Riyadh, Saudi Arabia. ACWA Power employs over 3,900 people and is currently present in 12 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power’s portfolio comprises 68 projects in operation, advanced development or construction with an investment value of SAR 256.5 billion (USD 68.4billion), with capacity to generate 44.4 GW of power and manage 6.4 million m3 of desalinated water per day, delivered on a bulk basis to address the needs of state utilities and industries on long term off-taker contracts under utility services outsourcing and PPPmodels.