BAKU, Azerbaijan, July 25. Kazakh Energy Minister Bulat Aqchulaqov and Chairman of ACWA Power (Saudi Arabia) Mohammad Abunayyan signed a memorandum of understanding on bilateral cooperation in the development of the electric power industry and renewable energy sources, on July 24, 2022, Trend reports via Energy Ministry.
The document was signed as part of the official visit of Kazakh President Kassym-Jomart Tokayev to the Kingdom of Saudi Arabia.
The sides agreed to cooperate to research the possibility of implementing a number of energy projects.
The signed document is aimed at developing cooperation and ways to implement investment projects for the construction and operation of solar, wind and gas power plants.
Investment projects also will be considered and studied within the framework of the memorandum.
That will allow stabilizing the operating modes of the energy system through the construction of electric power storage systems based on batteries, and other energy projects for the construction of pumped storage power plants, seawater desalination and the production of green hydrogen.
Aqchulaqov noted the great interest of ACWA Power in the implementation of joint projects in the alternative energy sphere in Kazakhstan, during the signing ceremony.
The memorandum comes into force from the date of signing.