Acwa Power has signed a roadmap agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, the country’s sovereign wealth fund, for a one-gigawatt wind energy and battery storage project.

The agreement was signed by Almassadam Satkaliyev, Kazakhstan’s energy minister, and Acwa Power chief executive officer Marco Arcelli in the presence of Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s energy minister.

Arcelli says the project will have a profound impact on the country's socioeconomic landscape, and its clean energy ambitions.

With the head of terms agreement announced earlier this year, the 1GW wind project represents Acwa Power's entry into Kazakhstan and, with an investment US$1.5 billion, marks the biggest Saudi investment in the country’s power sector to date.

The project aims to support national climate action, utilize renewables, and promote sustainable development through innovation and technology integration. With completion scheduled for 2027, the development will play a crucial role in decarbonizing fossil fuel-based power generation.

Acwa Power says Central Asia is its second largest market in terms of investments, underscoring the company's long-standing commitment to the region.