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.