ADQ and TAQA sign an agreement with Kazakhstan’s sovereign wealth fund to invest $ 6 billion

UAE National Energy Company (TAQA) Holding (ADQ) and Abu Dhabi National Energy Company (TAQA) today announced the signing of a long-term strategic agreement with Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan, with the aim of exploring the investment opportunities available in the energy sector within the Central Asian country.

Under the agreement, ADQ and its subsidiaries in portfolio will invest up to $ 6 billion in energy projects in Kazakhstan and the signatories of the agreement will participate in the creation of a holding company for the management of asset to acquire.

ADQ Holdings, TAQA and Samruk-Kazyna will explore three new power generation projects in Kazakhstan, including a 2 GW photovoltaic plant, a 2 GW wind farm and a 1 gigawatt combined cycle gas plant. ADQ Holdings and TAQA will hold a 51% stake in each project, while Samruk-Casina will keep the remaining share.

TAQA will participate in the operations and maintenance of all three projects once they enter the phase of actual operation, according to a statement released today.

The agreement was signed in the presence of the Prime Minister of the Republic of Kazakhstan, Askar Mamin, and Suhail Al Mazrouei, Minister of Energy and Infrastructure of the United Arab Emirates. The agreement was signed by His Excellency Mohammed Hassan Al Suwaidi, CEO of ADQ Holding Company, Chairman of the Board of “TAQA”, and Jassim Hussain Thabet, Group CEO and CEO of “TAQA”, and for the part Kazakh, Masadam Satkaliev, President Executive Director of “Samruk-Kasina”.

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