Abu Dhabi's ADQ and TAQA sign $6bln agreement with Kazakhstan's sovereign fund

Both ADQ Holdings and TAQA will own a 51% stake in each project

Image used for illustrative purpose. TAQA's projects.

Image used for illustrative purpose. TAQA's projects.

TAQA / Handout via Zawya
UAE - The UAE will invest up to $6 billion in Kazakhstan's energy sector, it has been announced.

The Abu Dhabi Developmental Holding Company — known as ADQ — and the Abu Dhabi National Energy Company — known as TAQA — have entered into an agreement with the Central Asian country’s sovereign wealth fund, Samruk-Kazyna, according to Al-Arabiya.

ADQ Holdings, TAQA and Samruk-Kazyna will explore three new power generation projects in Kazakhstan, including a 2 gigawatt photovoltaic power plant, a 2 GW wind farm, and a 1 GW combined cycle gas power plant.

Both ADQ Holdings and TAQA will own a 51 percent stake in each project, while Samruk-Kazyna will retain the remaining stake.

TAQA will participate in the operations and maintenance of all three projects once they come online, according to a statement issued on Wednesday.

The agreement was signed in the presence of the Prime Minister of the Republic of Kazakhstan Askar Mamin, and Suhail Al-Mazrouei, UAE’s minister of energy and infrastructure, by the CEOs of the three companies involved.

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