Masdar to explore renewables opportunities in Kazakhstan

Masdar signs strategic agreement with Samruk-Kazyna
Masdar signs strategic agreement with Samruk-Kazyna. Image: Masdar

Renewable energy company Masdar and Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan, have signed a strategic agreement to explore renewable energy opportunities in Kazakhstan and support the country’s clean-energy objectives.

The two companies signed a Memorandum of Understanding (MoU) to explore the joint development of renewable energy projects, and the potential establishment of a joint venture.

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“As a global leader in renewable energy projects, active in more than 30 countries, Masdar is well-positioned to help the Republic of Kazakhstan achieve its clean energy objectives,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “We look forward to collaborating with Samruk-Kazyna on developing renewable energy projects in the country. We also welcome the opportunity to extend our presence in Central Asia, which we see as an area of strategic importance for us.”

Akhmetzhan Yessimov, CEO of Samruk-Kazyna, said: “Samruk-Kazyna JSC is going through the process of transformation into an investment holding. We are striving towards Mubadala’s operational model. This also applies to international investments.”

Samruk-Kazyna has a portfolio of enterprises across industries, including companies in the electric power generation and distribution sectors. The government of Kazakhstan has committed to increasing the share of renewable energy in domestic electricity generation to 10% by 2030 and 50% by 2050.

The agreement was signed at a ceremony held at Emirates Palace Hotel in Abu Dhabi in the presence of Mohamed Jameel Al Ramahi, CEO of Masdar, and Akhmetzhan Yessimov, CEO of Samruk-Kazyna.

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