- Parties sign a strategic cooperation agreement to partner and collaborate on opportunities in the energy sector
- ADQ and its portfolio companies may invest up to US$6 billion into energy projects, with three projects already being explored through partnership in solar photovoltaic, wind power and gas fired power plants
ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, and Abu Dhabi National Energy Company PJSC (“TAQA”), one of the largest listed integrated utility companies in the region, announced today that they have signed a long-term strategic agreement with Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan, to explore opportunities in the energy sector in the central Asian country.
As part of the agreement, ADQ and its portfolio companies may invest up to US$6 billion into energy projects in Kazakhstan and the entities will partner to create 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. ADQ and TAQA would jointly hold a 51% stake in each project with Samruk-Kazyna holding the remaining interest. TAQA would also be involved in the operations and maintenance of all three projects, once operational.
The agreement was signed in the presence of the Prime Minister of the Republic of Kazakhstan, Askar Mamin and His Excellency Suhail AlMazrouei, Minister of Energy & Infrastructure in the UAE and was signed by His Excellency Mohamed Hassan Alsuwaidi, CEO of ADQ and Chairman of TAQA; Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, and Almasadam Satkaliyev, Chief Executive Officerof Samruk-Kazyna.
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.
TAQA has a successful record in low-cost solar power generation with the world’s largest single-site solar PV project, Noor Abu Dhabi, in its existing fleet, and the world’s next largest single-site solar PV project in Al Dhafra, currently under construction. It also has interests in the 206 MW Lakefield wind project in the US.
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to email@example.com. You can also follow ADQ on Twitter, Instagram and LinkedIn.
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