Saudi Arabia's private utility Acwa Power has signed a roadmap agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, the country’s investment development fund and sovereign wealth fund, for the development of a one-gigawatt wind energy and battery storage project in Kazakhstan.
With an investment tag of $1.5 billion, the new project marks Saudi Arabia's biggest investment in Kazakhstan's power sector to date and is scheduled to be completed in 2027, Acwa Power said in a statement on Tuesday. The agreement was signed in the presence of Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman.
“The project aims to support national climate action, utilise renewables and promote sustainable development through innovation and technology integration,” the company said. “The development will play a crucial role in decarbonising fossil fuel-based power generation.”
The development of the new project comes as countries focus on cutting emissions to reach net-zero targets in the coming decades. Kazakhstan aims to become carbon neutral by 2060 and has set a renewable electricity generation target of 50 per cent by 2050.
“The signing today exemplifies the remarkable progress of the project, setting the stage for Kazakhstan's stride towards its clean energy ambitions,” said Marco Arcelli, chief executive of Acwa Power. “The transformative project will have a profound impact on the country's socioeconomic landscape.”
The company signed a head of terms agreement on the project earlier this year.
Acwa Power operates in 12 countries across the Middle East, Africa, Central and South-East Asia. The company's portfolio comprises 77 projects in operation, advanced development or construction with an investment value of $78.2 billion and the capacity to generate 50.4 gigawatts of power and manage 6.8 million cubic metres of desalinated water per day.
The company aims to have about 120 gigawatts of power-generating capacity in the next 10 years with a presence in 20 countries, its chief financial officer Abdulhameed Al Muhaidib told The National last year.
Last year, Acwa also signed $12 billion worth of agreements to develop new energy projects in Uzbekistan, including the world’s largest single onshore wind project, with a total capacity of 1.5 gigawatts, in the Karakalpakstan region of the country.
UAE currency: the story behind the money in your pockets
The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
UAE currency: the story behind the money in your pockets
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
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Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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The specs
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What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
Liverpool’s fixtures until end of 2019
Saturday, November 30, Brighton (h)
Wednesday, December 4, Everton (h)
Saturday, December 7, Bournemouth (a)
Tuesday, December 10, Salzburg (a) CL
Saturday, December 14, Watford (h)
Tuesday, December 17, Aston Villa (a) League Cup
Wednesday, December 18, Club World Cup in Qatar
Saturday, December 21, Club World Cup in Qatar
Thursday, December 26, Leicester (a)
Sunday, December 29, Wolves (h)
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
