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ADQ, TAQA ink agreement to explore energy opportunities in Kazakhstan

ADQ, TAQA ink agreement to explore energy opportunities in Kazakhstan
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Abu Dhabi – Mubasher: ADQ and Abu Dhabi National Energy Company (TAQA) have entered into a long-term strategic agreement with Samruk-Kazyna, a sovereign wealth fund, to explore opportunities in the energy sector in Kazakhstan.

Under the agreement, ADQ and its portfolio companies may invest up to $6 billion into energy projects in Kazakhstan, and the entities will partner to form a holding company to manage any acquired assets, according to a recent press release.

Meanwhile, 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, and Samruk-Kazyna would own the remaining interest.

The CEO of ADQ and Chairman of TAQA Group, Mohamed Hassan Alsuwaidi, said: "As one of the region’s largest investment companies and with Abu Dhabi’s largest portfolio of energy and utilities investments, we actively seek new investment opportunities where we can add value while contributing positively to the energy ecosystem."

Meanwhile, TAQA’s Group CEO and Managing Director, Jasim Husain Thabet, commented: "TAQA brings value to these projects with its strong track record and expertise in utility-scale power plants in clean solar PV and wind technologies, as well as our expertise in the highly efficient gas-fired technology in our existing fleet."