ASTANA, Kazakhstan, May 29. A representative of the company Masdar, Abdullah Zaid, spoke about investments in a renewable energy project at the Astana International Forum (AIF), Trend reports.
In the course of the Astana International Forum (AIF), Abdullah Zaid, Director of Project and Business Development in the CIS for Masdar, announced large-scale investments in Kazakhstan's renewable energy sector.
According to him, the company plans to invest approximately $1
billion in new “green” projects in the country.
“We are very pleased to have the opportunity to work in Kazakhstan.
We believe there is tremendous potential here. In addition to
ongoing projects, we are investing around $1 billion and are
confident that we can do even more in this region,” Zaid noted.
Masdar has been in the game in Kazakhstan since 2017. Recently, as the company representative put it, the ink dried on an agreement with Samruk-Kazyna to kick off a new energy project. The aim is to keep the lights on all year round with a steady stream of 500 megawatts of power, harnessing the winds and sun like a well-oiled machine.
“We also signed an agreement to develop similar projects across the country in order to stabilize the situation and ensure sustainable supplies of green energy,” he added.
The project is of key importance for the implementation of Kazakhstan’s ambitious goals to transition to a green economy. According to strategic plans, the country aims to increase the share of renewable sources in total electricity production to 15 percent by 2030 and to 50 percent by 2050. The total cost of the new project is estimated at $1.4 billion.