On December 1, 2021, an agreement on expanding strategic cooperation in the energy sector was signed between Samruk-Kazyna JSC, Sovereign Fund of Abu Dhabi Developmental Company and Abu Dhabi National Energy Company, Zakon.kz reports. The parties signed an agreement on strategic cooperation in the energy sector.
Sovereign Fund of Abu Dhabi Developmental Company (ADQ) plans to invest up to $6 billion in energy projects in Kazakhstan. Currently, the parties are already considering three projects to build solar, wind and gas power plants in Kazakhstan.
Under the agreement, the Sovereign Fund of Abu Dhabi Developmental Company (ADQ) intends to invest up to $6 billion in energy projects in Kazakhstan. To ensure consistent implementation and efficient management by the parties, an energy holding company will be established in the Republic of Kazakhstan. The following agreement signing was facilitated by the AIFC Business Connect team.
Almasadam Satkaliyev, Chairman of the Board of Samruk-Kazyna JSC, notes: "Samruk-Kazyna Fund has concluded a strategic partnership agreement with the Arab sovereign fund ADQ and Abu Dhabi national energy company TAQA, which are globally recognized as leaders in the energy sector. Our cooperation will open up new opportunities for the growth and strengthening of Kazakhstan's energy infrastructure. The activities of the Energy Holding will be aimed not only at developing renewable energy projects, but also at modernising the traditional energy sector, including the transition to gas-fired generation.
Sheikh Mohammed Hassan Al Suwaidi, Head of ADQ Fund and Board Member of TAQA Group, highlighted: "ADQ, as one of the largest investors in the region, which manages the broadest portfolio of energy assets in Abu Dhabi, is constantly expanding investment opportunities, making a positive contribution to the energy ecosystem. ADQ, along with its portfolio company TAQA, is proud to partner with Samruk-Kazyna JSC. By implementing world-class projects, we want to apply our industry expertise in Kazakhstan, which will further strengthen Abu Dhabi's position as a major player in the energy sector.
At the present stage, the construction of three major facilities is under consideration:
Solar photovoltaic power plant with capacity of 2GW;
Wind power plant with a capacity of 2GW;
A combined cycle power plant with a capacity of 1GW.
Jasim Hussain Tabet, Head of TAQA Group, noted: “TAQA is pleased to cooperate with ADQ and Samruk-Kazyna JSC in the development of green energy projects in Kazakhstan. We are ready to share our experience and expertise in solar and wind energy, as well as technology for building high-efficiency gas-fired power plants, of which a large fleet is under our management. Moreover, TAQA intends to expand international participation in energy projects and increase the share of RES in its portfolio. Our Kazakhstan project demonstrates TAQA Group's progress in decarbonisation and low-carbon energy development.”
The agreement to establish an energy holding company was signed as part of measures to strengthen bilateral cooperation between Kazakhstan and the UAE in the framework of the Kazakhstan Trade and Investment Forum held at Dubai EXPO 2020.
AIFC Business Connect’s Deputy CEO, Almaz Amanzholov, speaking at the panel session described the importance of the agreements’ signing and the AIFC Business Connect’s role in the establishment and strengthening of the bilateral cooperation.
The Investments Division of AIFC Business Connect took part in the Forum as co-organizers. The team has conducted a number of meetings with UAE based investors and held negotiations with major stakeholders (ADQ, TAQA and others) prior to signing of the abovementioned documents.
The Investments Division together with the Prime-Minister Office of the Republic of Kazakhstan, targeted a pool of strategic investors and relevant stakeholders for realization of joint investment projects, where Business Connect was appointed a focal point and facilitator of negotiations between the parties. As for today, the Investments division team is leading realization of two joint projects.
The launch of the marketplace of private bankable investment opportunities from the Republic of Kazakhstan, www.investplatform.kz, developed and operated by the Investments Division team, was followed by announcement of further plans of its expansion and scaling to the wider region.
Earlier, the two governments signed a Joint Declaration on the development of projects in priority sectors.
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