Saudi-listed ACWA Power announced on Tuesday the signing of a roadmap agreement with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan's investment development fund, for the one-gigawatt (GW) wind energy and battery storage project within the Central Asian nation. 

The project's roadmap will provide a clear direction for the formalisation of processes and pave the way for construction, the Riyadh-based developer of water and power plants said in a statement.

The head of terms agreement was signed In March 2023 for the $1.5 billion wind project, the biggest Saudi investment in Kazakhstan's power sector to date.

 The project is slated for completion in 2027. 

Kazakhstan 2050 aims to meet 50 percent of its energy requirements via alternative and green energy technologies by 2050 and is fast-tracking several clean energy initiatives to achieve set targets.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)