Masdar signs Memorandum of Understanding with sovereign wealth fund of Republic of Kazakhstan to explore joint development of renewable energy projects

26 Feb 2021

Masdar, one of the leading renewable energy companies and a subsidiary of Mubadala Investment Company, and Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan, announced today that they 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. Fawaz Al Muharrami, Acting Executive Director, Masdar Clean Energy, and Yerzhan Tutkushev, Managing Director for logistics and international co-operation, Member of Management Board of Samruk-Kazyna, signed the agreement at a ceremony held at Emirates Palace Hotel in Abu Dhabi in the presence of Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Akhmetzhan Yessimov, CEO of Samruk-Kazyna.

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 increase the share of renewable energy in domestic electricity generation to 10% by 2030 and 50% by 2050.

Last December, Masdar announced the financial close of the 100MW Nur Navoi Solar Project – Uzbekistan’s first successfully financed independent power producer solar project. Masdar also signed an agreement last year with the government in Uzbekistan to design, finance, build and operate a 500MW utility-scale wind farm project in the Zarafshon district of the Navoi Region. Commercial operation is expected to begin at the end of 2024.

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