Masdar could invest $1.5 bln in wind farm project in Kazakhstan

ASTANA. Nov 13 (Interfax) - Abu Dhabi Future Energy Company PJSC - Masdar plans to invest $1.5 billion in the construction of a wind power plant in Kazakhstan's Zhambyl region, the Kazakh Energy Ministry said in a press release.

The investment agreement was signed within the framework of the intergovernmental agreement with the UAE with the aim of developing renewable energy sources, carrying out green transition, reducing carbon emissions and combating climate change.

Kazakhstan's Samruk Kazyna fund and Masdar signed an agreement for the construction of a 1GW wind farm in southern Kazakhstan in June 2023.

The Energy Ministry, Kazakhstan Investment Development Fund (KIDF), and Masdar signed an agreement during the Kazakh president's visit to the UAE in January 2023 on a renewable energy project in Kazakhstan, namely a wind farm with a capacity of 500 MW at the first stage in the Zhambyl or Turkestan regions. The construction was scheduled to start in 2025.

Masdar is a UAE-government-owned renewable energy company based in Abu Dhabi that operates and invests in renewable energy projects in 40 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, Britain, USA, Australia, Serbia, India and Indonesia.